Oil & gas mineral rights leasing in Idaho continues as operators have success drilling wells. The full resource is yet to be determined as Bridge Resources works with midstream companies to bring production to market later in 2011. The local paper recently released some advice for oil & gas mineral owners, which is copied below. If you have been approached to lease your mineral acreage in Idaho, be sure to visit our articles titled Oil & Gas Leasing – Top Ten Things To Do and 10 Common Oil & Gas Leasing Mistakes. Treat negotiating a lease just like you would any other business transaction. Don’t rush and be prudent.
With the recent proposal from Bridge Resources to construct a collection facility and its offers to lease mineral rights throughout Payette County, as well as Malheur, Washington, Gem and Canyon counties, residents need to have a true understanding of the issue in order to make informed decisions.
Setting prejudice aside, leasing landowners’ mineral rights in Idaho can be very beneficial depending on how many acres are included and how much a gas or oil company is offering for those rights. For an owner who owns hundreds or even thousands of acres, an offer from a gas company can result in millions of dollars in the pocket of the landowner.
Bill Pittman, an oil and gas consultant, said how much a landowner could potentially receive all depends on that person’s situation. A company must first come to the owner and make an offer. Landowners may be proactive and try to sell or lease their mineral rights themselves, but if there is no interest in drilling in the area to begin with then the point is moot.
“The value of mineral rights in Idaho isn’t going to be as much as it would be in Texas,” Pittman said. “Idaho is the new game in town.”
Read the full news release at ArgusObserver.com