ALU# 202300031
Burke County, ND
North Dakota Oil and Gas Lease Sale, March 14, 2023
SOLD
Property Schedule
Due Diligence Began
2/10/2023
Bidding Started
3/7/2023
Bidding Ended
3/14/2023 10:00 AM
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ALU# 202300031
40.00
20.00
Auction has ended
3/7/2023 10:00 AM CST
3/14/2023 10:00 AM CDT
-
$59/acre
$2/acre
$1
$1,325.40
(Bonus + Agency Fees + Advanced Rental + 3% Buyer Premium)
T162, R92
Sec. 25: NE4SE4
Sec. 25: NE4SE4
Tract Details
Lease No.
ALU# 202300031
County, State
Burke, ND
Legal Description
T162, R92
Sec. 25: NE4SE4
Sec. 25: NE4SE4
Gross Acres
40.00
Net Acres
20.00
Royalty Rate
1/6th
Lease Term
5 Years (Paid Up)
Rental/Acre (Per Year)
$1.00
Rental Due At Closing
$100
ND Administrative Fee
$10.00
Buyer Premium
3.00%
Important Notices Pertaining to North Dakota Department of Trust Lands Lease Auctions
- The tracts available for lease are sold on an as is basis, with no representations or warranties regarding the quality of title, ownership, or the accuracy and completeness of the information provided by the State.
- The tracts available for lease are subject to the restrictions found in North Dakota Century Code (NDCC) Chapter 15-05, Leasing Coal, Oil, Gas, and Other Rights (www.legis.nd.gov/cencode/t15c05.pdf) and Administrative Rule Chapter 85-06-06 (http://www.land.nd.gov/sites/www/files/documents/Minerals/rules.pd).
- The burden of due diligence is the bidder's responsibility prior to any auction.
- The lease effective date will be March 14, 2023.
- The royalty rate for Billings, Divide, Dunn, Golden Valley, McKenzie, Mountrail and Williams counties is three/sixteenths (3/16). All other counties are one/sixth (1/6) royalty rate.
- The successful bidder must make payment by wire transfer or automated clearing house (ACH) for all bonus, rental, and buyer's premium owed to the State within 10 days. The State will accept payment from only one bidder per tract; however, a bidder may make multiple payments in one wire or ACH, provided the bidder indicates which tracts are involved in the payment.
- EnergyNet will send the successful bidder an email after the close of the auction with the detailed payment instructions and amounts due to the North Dakota Department of Trust Lands.
Offset Activity
Seller Acquisition Agreement(s)
The North Dakota Department of Trust Lands Forms and Policies may be found at www.land.nd.gov/surface-minerals-management/mineral-auctions/forms-and-policies.
Successful Bidder Notification
After all auctions have closed, the successful bidder will be notified via email with closing instructions, including total amount due.
Buyer Premium
A 3% Buyer Premium, calculated as 3% of the total bonus, will be added to the cost of this lease.
North Dakota Department of Trust Lands Point of Contact
EnergyNet Points of Contact
Bid History (Top 10)
Bidder
Placed
Amount
Bidder #304
3/14/2023 9:59:52 AM
$59
Bidder #285
3/14/2023 9:59:58 AM
$58
Bidder #304
3/14/2023 9:59:52 AM
$2