OG2100075
Burke County, ND
North Dakota Oil and Gas Lease Sale, August 3, 2021
SOLD
Property Schedule
Due Diligence Began
6/22/2021
Bidding Started
7/27/2021
Bidding Ended
8/3/2021 9:10 AM
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OG2100075
80.00
40.00
Auction has ended
7/27/2021 8:10 AM MDT / 9:10 AM CDT
8/3/2021 8:10 AM MDT / 9:10 AM CDT
-
$166/acre
$2/acre
$1
$7,049.20
(Bonus + Agency Fees + Advanced Rental + 3% Buyer Premium)
T159N, R93W
Sec. 28: S2NW4
Sec. 28: S2NW4
Tract Details
Lease No.
OG2100075
County, State
Burke, ND
Legal Description
T159N, R93W
Sec. 28: S2NW4
Sec. 28: S2NW4
Gross Acres
80.00
Net Acres
40.00
Royalty Rate
1/6th
Lease Term
5 Years (Paid Up)
Rental/Acre (Per Year)
$1.00
Rental Due At Closing
$200
ND Administrative Fee
$10.00
Buyer Premium
3.00%
Important Notices Pertaining to North Dakota Department of Trust Land 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://land.nd.gov/Docs/Minerals/rules.pdf).
- The burden of due diligence is the bidder's responsibility prior to any auction.
- The lease effective date will be August 3, 2021.
- 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 #652
8/3/2021 9:09:50 AM
$166
Bidder #146
8/3/2021 9:09:35 AM
$165
Bidder #409
8/3/2021 7:35:43 AM
$151
Bidder #446
8/3/2021 8:58:01 AM
$150
Bidder #409
8/3/2021 7:35:43 AM
$124
Bidder #49
8/2/2021 8:40:10 PM
$123
Bidder #409
8/3/2021 7:35:29 AM
$101
Bidder #49
8/2/2021 8:40:10 PM
$75
Bidder #409
8/3/2021 7:35:17 AM
$74
Bidder #49
8/2/2021 8:40:10 PM
$73