There are so many undrilled leases because
Posted on: October 6, 2022 at 11:33:16 CT
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Oil companies lease them on speculation and when seismic is shot or neighboring wells are drilled, a particular lease becomes unprospective. Companies tend to hold onto these leases for full term because the rent on the lease is generally inexpensive relative to the bid cost and because a new concept might make them attractive in the future. It's not because they don't currently trust the government.