Oil leases see more interest - February 15, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryFebruary 2004

Vol. 9, No. 7

Week of February 15, 2004

Oil leases see more interest

The Associated Press

Officials in Williams County, N.D., have seen a surge in interest for land leases by oil explorers. “We have landmen working in our vaults,” said county recorder Kari Evenson. “There’s been more oil leasing going on. There is definitely more activity.”

Others said oil activity remained steady the past year despite a slight seasonal slowdown. Fourteen rigs are drilling in six western North Dakota counties, said Mark Bohrer, petroleum engineer for the state’s Industrial Commission. In February 2003, there were eight rigs being operated. Bohrer said some drilling may have been generated by prices ranging between $25 and $29 per barrel.

“I think it’s a matter of supply and demand. The demand for supplies dictates the prices,” Bohrer said.

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