Oil In Western Nd!!!!
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DelSlow;214185 wrote:
sweet...more oil to be sold at the same price. Cool.truth....
"In the news today, they found 29,023,442,257,250,240,401 zillion gallons of oil, which should return even higher record profits for oil tycoons.......In other news, gasoline hit $5/gallon across the country. It appears that trucking jobs are at a standstill and our economy is still failing."
/ emoness
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we do have mineral rights on that land, the oil company pays our family a percentage of the amount of oil they pull up. just to clarify KA-T 240. i highly doubt this will change the price of gas since the dollar isnt worth shit.
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KA-T_240;214177 wrote:
Sad to say. Just because you own the land, doesn't mean you own the mineral rights to what is under that land.true in some cases, but not with all of our land
They are actually drilling two new wells on the GF's family's land as we speak.....
"honey, i really want this forged rotating assembly..... please".....lol
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zbrown;214209 wrote:
They are actually drilling two new wells on the GF's family's land as we speak.....i can't help but be reminded of this:
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do you have any idea how many barrels are used in the US alone in one day?
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i am not concerned about the oil consumption in the US, the only reason i posted this was to let the unknown know something. i am just excited to see what happens when they start pumping that oil off out land.
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Krazy_Kling;214272 wrote:
i am not concerned about the oil consumption in the US, the only reason i posted this was to let the unknown know something. i am just excited to see what happens when they start pumping that oil off out land.
if they have drilled on your land before and come up with little.... would you not think that there is still very little under your land?.... logic... -
My girlfriend's brother's fiance told me a story about her step brother, an insurance consultant in western ND, who got a call from a 90 year old client of his a week or two ago, asking him to visit her at the nursing home because she had a question about her oil check. He got there and she handed him a check for a million dollars that she received from the oil company and she said that they must have over paid her, and that she would do whatever she had to in order to get the right amount of money. A couple days later, she received a letter of apology from the oil company and a check for the correct amount - which turned out to be 115 million dollars.
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amicheze;214291 wrote:
My girlfriend's brother's fiance told me a story about her step brother, an insurance consultant in western ND, who got a call from a 90 year old client of his a week or two ago, asking him to visit her at the nursing home because she had a question about her oil check. He got there and she handed him a check for a million dollars that she received from the oil company and she said that they must have over paid her, and that she would do whatever she had to in order to get the right amount of money. A couple days later, she received a letter of apology from the oil company and a check for the correct amount - which turned out to be 115 million dollars.This story for real?
WoW- that sucks to be 90 and finally bank roll that kind of $$ in.. -
I had a great uncle who was well off, and went and purchase mineral rights for about 3000 acres of western ND, for DIRT cheap about 50 years ago, only to be laughed at by the farmers. He died about 10 years ago, passed it on to another uncle, who just recently started to make a ton of money on it. He doesn't work, he just rakes in the money.
Guess who is next in line to inheret it?
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What i was trying to say is, yeehaa! even if there is oil under your land. and they DO start pumping it out, its not gonna last long, look at all the nice little oil towns down south. Oil and money was there, town was booming, two years later, nothing at all. What you might have will be gone soon, and you think they are gonna load you up on money for it. They drill oil to make money, you are the least of their concern, if they could, they wouldn't pay you at all.
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GarageAlchemist;214317 wrote:
What i was trying to say is, yeehaa! even if there is oil under your land. and they DO start pumping it out, its not gonna last long, look at all the nice little oil towns down south. Oil and money was there, town was booming, two years later, nothing at all. What you might have will be gone soon, and you think they are gonna load you up on money for it. They drill oil to make money, you are the least of their concern, if they could, they wouldn't pay you at all.Umm....more oil than is in Saudi Arabia=Oil will be there (not in all cases...but a good chunk of them) for a good long time. How long has Saudi Arabia been producing oil? Oh, yeah..pretty much from the beginning.
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Current extraction techniques can really get no more than about 10% of the oil in a given geologic formation.
As the worldwide price of crude oil rises and falls, certain formations become worth re-exploring or abandoning until the price goes back up. Right now with the high price it makes sense to pay attention to this stuff again.
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