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Wyoming · Powder River Basin · Coal Country, Oil Boom

Sell Mineral Rights
in Campbell County,
Wyoming.

Campbell County is most famous for its coal, but it is also the second-largest oil producer in Wyoming and one of the most active drilling counties in the western United States. If you own mineral rights in Campbell, you have more than one kind of mineral underneath you, and you probably have questions. We are happy to help you sort them out.

23%
of WY Oil
2024 state production
~40%
of US Coal
historic peak
10%
of WY Gas
2024 state production
10,000ft
Standard Lateral
2-mile horizontal
640ac
Base DSU
often pooled larger
01 The Basin

More than coal under the
Wyoming high plains.

For most of the twentieth century, Campbell County was synonymous with coal. The county sits over the largest single coal deposit in the United States, and at its peak the Powder River Basin was supplying roughly 40 percent of all coal burned in American power plants. That story is well known. The other story is not.

Beneath the coal, deeper in the section, sit the same Cretaceous oil-bearing formations that have made Converse County the most productive oil county in Wyoming. Campbell County contributed roughly 23 percent of all Wyoming oil production in 2024, second only to Converse, with horizontal drilling pushing north out of the southern PRB and into Campbell year by year. The county is also a meaningful natural gas producer, contributing about 10 percent of state gas, including legacy coalbed methane production.

If you own minerals in Campbell County, you may have inherited rights to multiple commodities at multiple depths. That can make valuation more complicated than in a single-commodity county, but it also tends to mean more total value. This page walks through what you have and how it gets evaluated.

Campbell is a county where the same family can hold coal royalties, oil royalties, and gas royalties on the same section, paid by different operators on different schedules.

The short answer to the question everyone asks first is yes, Campbell County minerals generally have meaningful value. The longer answer depends on which formations and commodities sit beneath your specific section, who the operators are, your lease terms, and where in the county you are. We walk through all of it below.

Starting point

Have minerals in Campbell County? Send us what you have and we will take a look.

Send Us the Details →
02 The Rock

Multiple commodities, multiple zones,
same section.

Campbell County is unusual among American oil counties because it produces meaningfully from three distinct commodities: oil from deep Cretaceous unconventional reservoirs, natural gas from those same formations and from coalbed methane wells, and coal from shallow Fort Union and Wasatch seams. For mineral owners, this means a single section can host multiple kinds of operators on entirely different timelines.

TurnerWall Creek sandstone

The Turner Sandstone, also called the Wall Creek member of the Frontier Formation, has been the dominant horizontal target in southern Campbell County for the past decade. EOG Resources has been the most active Turner operator and at one point held 24 of 55 horizontal drilling permits in Campbell County, the majority targeting the Turner along with the Mowry.

The Turner is shallower and less expensive to drill than the deeper Niobrara and Mowry, which has helped it remain economic across a wider range of commodity prices. Many Campbell County mineral owners receive their first royalty checks from Turner wells.

Depth Range
7,500 to 9,500 ft
Type
Tight sandstone
Typical Lateral
8,000 to 10,000 ft
Lead Operator
EOG Resources
Mowrydeep siliceous shale

The Mowry Shale is one of the basin's two big unconventional inventory plays. It is a hard, siliceous shale and sits below the Niobrara across most of Campbell County. EOG identified an initial 875 premium net drilling locations across the basin in the Mowry, and Wyoming state geologists describe it as one of the basin's most prospective zones for long-term development.

The Mowry has historically been more difficult to complete than the Niobrara, but operator results over the past several years have steadily improved as completion designs have caught up to the rock. Modern completions in the basin commonly use over 2,000 pounds of proppant per foot of lateral, roughly twice the intensity used in the Williston Basin.

Depth Range
9,500 to 11,500 ft
Type
Siliceous shale
Status
Inventory play, growing
Lead Operators
EOG, Anschutz
Coal & CBMFort Union / Wasatch

Campbell County's coal resource is the largest single coal deposit in the United States, and the shallow coal seams above the oil reservoirs have produced both surface-mined coal and coalbed methane gas for decades. Through 2024, coalbed natural gas wells in the Powder River Basin have cumulatively produced more than 6.76 billion Mcf of gas from these shallow Fort Union and Wasatch coals.

Coal mining has slowed considerably in the past decade as utility coal demand has declined, but the resource is still being mined and many Campbell County mineral owners hold coal royalties separately from their oil and gas royalties. Coalbed methane production is also in long-term decline, but legacy CBM royalty streams continue on many tracts.

Coal Depth
Surface to 800 ft
CBM Status
Legacy, declining
Cumulative CBM Gas
6.76+ billion Mcf
Coal Type
Sub-bituminous
03 The Operators

Who is drilling on your
Campbell County minerals.

Campbell County's operator landscape is more fragmented than Converse, with both major independents and smaller private operators active across the county. If you receive royalty checks from Campbell County, they may come from any of these. Coal and coalbed methane royalties typically come from a different set of operators than oil and gas.

i.
EOG Resources
EOG holds the most significant horizontal oil position in Campbell County, with most of its activity in the southern part of the county where the Turner formation has been the workhorse target. EOG has identified 200 net premium drilling locations in the Turner across its broader basin position and accumulated significant Turner-prospective acreage. The company has been the most consistent driver of new horizontal permits in southern Campbell over the past decade.
Turner leader
~63K Turner Acres
ii.
Devon Energy
Devon was an early entrant in the modern PRB oil play and has identified 600 risked drilling locations across the Turner, Frontier, and Parkman formations in Campbell and the surrounding counties. Devon's Powder River Basin position has been a core part of its multi-basin portfolio, and the company has continued to develop the play steadily through commodity price cycles.
Multi-zone operator
600 Risked Locations
iii.
Anschutz & Continental Resources
Both Anschutz (private) and Continental Resources (now privately held) extend their primary Converse County positions north into Campbell, particularly along the southern county line where the basin's most productive trends continue. Anschutz has emphasized the Niobrara and Mowry, while Continental has been active in the Sussex and Niobrara benches. Private ownership of both means royalty owners may have less visibility into development plans than they would with a public operator.
Private · Cross-county
Cross-line Acreage
iv.
Peabody Energy & Coal Operators
Peabody Energy operates the North Antelope Rochelle Mine, the largest coal mine in the United States, in southern Campbell County. Several other coal operators including Arch Resources hold meaningful Campbell County positions. If you receive coal royalty payments in addition to oil and gas, this is the operator family that pays them. Coal royalty rates and structures are different from oil and gas royalties, and the relevant lease language usually predates the modern oil play.
Coal royalties
Surface Mining
v.
Private Independents & Legacy CBM
A long tail of private operators holds smaller positions across Campbell County, many of which are legacy from the early-2000s coalbed methane boom. Several private oil-focused independents have entered the county more recently, including Sage Butte (extending its Converse position northward) and OneRock Energy (which acquired roughly 160,000 net acres across Converse, Campbell, and Johnson in 2023). Older CBM operators are increasingly rolling up under fewer parents as gas prices have remained low.
Mixed legacy & new
Varies By Operator
See a familiar name?

We know how these operators develop in Campbell County. Happy to give you context on yours.

Ask About Your Operator →
04 The Geography

Not all Campbell County
minerals are built the same.

Campbell County is one of the largest counties in Wyoming by area, covering roughly 4,800 square miles. The southern county hosts modern horizontal oil development and shares geology with Converse. The central county is dominated by surface coal mining. The northern reach is quieter, with conventional production and remnant CBM activity. Where your minerals sit shapes everything that comes next.

Southern Campbell
T40N-T44N
R71W-R74W
The horizontal oil zone, sharing geology with the core Converse trend just to the south. Most modern Turner and Mowry development happens here, with EOG, Devon, and Anschutz all holding meaningful positions. Mineral interests in southern Campbell command the strongest valuations in the county.
Activity: Highest Development: Active
Gillette Corridor
T48N-T52N
R71W-R74W
Centered on Gillette, the county seat and the historical hub of PRB coal mining. This area has been dominated by coal surface mining and CBM legacy production for decades. Modern horizontal oil development is lighter here than in southern Campbell, but the area is heavily permitted for coal and gas.
Activity: Mixed Development: Coal/CBM
Wright & Coal Belt
T42N-T48N
R71W-R72W
The heart of Campbell County coal mining, including the North Antelope Rochelle Mine and other major surface operations. Mineral owners in this corridor often hold coal royalties on the same sections that may also have deeper oil and gas potential. Federal coal lease tract overlap is common here.
Activity: Coal-dominant Development: Surface mining
Northern Campbell
T54N-T58N
R71W-R76W
The northern reach of the county, where the basin shallows toward Crook and Sheridan counties. Conventional oil production from older Minnelusa, Tensleep, and Muddy reservoirs has continued for decades, and some legacy CBM activity remains. Modern horizontal development is light but not absent.
Activity: Light Development: Legacy
Eastern Campbell
T44N-T54N
R69W-R71W
Eastern Campbell trends toward Weston County and the Black Hills uplift. The basin shallows considerably and the deep oil-bearing formations are largely absent. Mineral activity in this part of the county is mostly limited to coalbed methane legacy production and surface coal mining around the eastern edge of the coal trend.
Activity: Edge Development: Limited
Western Campbell
T44N-T54N
R75W-R78W
Western Campbell trends toward Johnson County and the western edge of the basin where the rock dips toward the Bighorn Mountains. Some horizontal oil activity occurs here, and the Niobrara play continues to be tested at increasing depth. CBM legacy production is more common than modern oil drilling.
Activity: Selective Development: Mixed
05 Your Valuation

What your Campbell County
mineral rights are worth.

There is no universal formula. Valuation is a function of which commodities you own, current production, future development, operator quality, lease terms, and market conditions. What follows are the four scenarios we see most often for Campbell County mineral owners. The multi-commodity nature of Campbell County means the analysis can be more layered than in single-commodity counties.

01
Producing Oil & Gas Minerals with Active Royalty Income
Valued on a cash flow multiple
If your Campbell County minerals are actively producing oil and gas and you are receiving monthly royalty checks, valuation typically starts with the trailing twelve months of royalty income. A buyer applies a multiple based on expected remaining reserves, well decline curves, and commodity price outlook. Modern horizontal wells in the Turner and Niobrara typically command stronger multiples than legacy vertical conventional wells.
What shapes the number: well vintage and remaining productive life, which formations are currently producing beneath your acreage, your royalty rate, commodity price outlook, remaining drilling locations in the spacing unit, and whether your lease permits cost deductions.
02
Coal Royalties & Coalbed Methane
Valued differently than oil and gas
Coal and coalbed methane royalties have their own market dynamics, separate from horizontal oil and gas. Coal royalty payments can be steady where mining is active, but the long-term outlook is shaped by utility coal demand and federal lease policy. CBM royalties are typically in long-term decline as gas prices and well productivity have both fallen since the 2009 peak. Buyers value these streams on different multiples than oil and gas.
What shapes the number: active mining status, remaining recoverable coal volume in the lease, federal lease versus private mineral lease structure, royalty rate, current commodity prices, and whether deeper oil and gas potential exists on the same acreage that adds optionality.
03
Unleased Minerals in an Active Development Area
Valued on future potential
Unleased minerals in southern Campbell County, particularly along the basin's modern oil trend, are valued on expected development timing and future royalty potential. A buyer looks at nearby permit filings, operator acreage positions, and recent pooling order activity. Unleased minerals in the active oil zone often carry significant optionality because a buyer can negotiate the lease terms themselves at or before the next pooling cycle.
What shapes the number: nearby permit activity, operator acreage position and development pace, formation quality beneath your specific section, proximity to active drilling, comparable lease bonuses paid on surrounding tracts, and whether the section is likely to be force pooled in the near term.
04
Small Fractional Interests & Inherited Positions
Often overlooked, often worth more than expected
Many Campbell County mineral owners hold small fractional interests inherited across generations. These positions often get ignored by larger buyers because they are too much work for the ticket size, and Campbell County is especially common for fractional chains because both coal and oil estates were often subdivided generations ago. We pay them the same attention as larger interests and we are comfortable doing the title research.
What shapes the number: net mineral acre count, royalty rate if leased, producing status of the underlying wells, operator quality, the mix of commodities you own, and whether other heirs holding the same chain are also ready to move. Small interests are not small value, especially on producing tracts.
Your specific situation

We would rather look at real facts than speak in generalities. Send us what you have.

Request an Analysis →
06 The Regulatory Landscape

Layered minerals, layered
regulation.

Campbell County's regulatory landscape is shaped by the same Wyoming framework that governs all oil and gas in the state, plus an additional layer of federal coal regulation that is unique to counties with active surface mining. For mineral owners, this means the rules vary by what you own, not just where you own it.

The WOGCC and how pooling works

The Wyoming Oil and Gas Conservation Commission, established in 1951, is the primary regulator for oil and gas in the state. It administers well permitting, pooling, spacing, and production reporting. The WOGCC holds public hearings on the second Tuesday of each month in Casper, where operators bring forward applications and where mineral owners can object or testify if they choose.

Wyoming allows forced pooling with a lower consent threshold than Colorado, which means an operator can move forward with development on a spacing unit that includes your unleased minerals more quickly. Once a pooling order is in place, a non-consenting unleased owner is generally assigned a default royalty along with a risk-penalty deduction on their pro rata share of well costs.

Federal coal & the BLM Buffalo Field Office

Roughly half of Campbell County is federal mineral, and federal coal in particular is administered through the BLM Buffalo Field Office under a separate body of law and procedure than oil and gas. Federal coal leasing has been through several policy shifts in the past decade. Following the 2025 administration change, the BLM is in the process of revising the Buffalo Field Office resource management plan to reopen the Powder River Basin to future federal coal leasing, reversing the prior moratorium.

If you own federal coal royalties, the lease structure, royalty rate, and renewal procedures are entirely separate from anything that applies to your oil and gas minerals. Federal coal royalty rates are typically 12.5 percent on surface-mined coal and 8 percent on underground-mined coal.

Split estate and multiple commodities

Campbell County has unusually complex split estate situations because surface, coal minerals, and oil and gas minerals can each be owned by different parties. It is entirely possible to own oil and gas under a section while someone else owns the coal, while a third party owns the surface, and a fourth party owns the federal lease over the federal portion. Each of those interests has its own legal rights and its own valuation. We see this all the time and we are comfortable working through it.

07 Questions We Hear Often

The real questions
mineral owners ask.

We have been through these conversations hundreds of times. Below are the honest answers to the things people actually want to know.

01
How much are mineral rights worth in Campbell County, Wyoming?
It depends heavily on what you own. Oil and gas mineral rights in southern Campbell, where horizontal Turner and Mowry development is active, can be quite valuable. Coal royalties and coalbed methane royalties on the same acreage are valued separately and typically on lower multiples. Two interests a few miles apart can have meaningfully different values. The only way to know what your specific minerals are worth is to look at the actual facts: what commodities you own, your legal description, your lease status, what the operator is doing nearby, and what you are currently receiving in royalties. We are happy to do that for you, at no cost and with no obligation to sell.
02
I have been receiving small coalbed methane royalty checks for years. Are these worth selling?
Possibly, depending on the rest of what you own. Standalone CBM royalties on declining wells are worth less than they were a decade ago, but if the same acreage has deeper oil and gas potential, the combined position can be worth substantially more than the CBM stream alone suggests. Many Campbell County mineral owners have been pleasantly surprised when an analysis of their full position included the deeper unconventional oil and gas inventory rather than just the legacy CBM cash flow.
03
I inherited minerals in Campbell County but I do not have any documents. What do I do?
You are not alone. This is probably the most common situation we see in Wyoming. Start by gathering anything you do have: old letters from operators, tax statements, probate records, division orders, royalty stubs. The Campbell County Clerk's office in Gillette keeps recorded deed records that go back well over a century, and the WOGCC database has well and operator records that are publicly searchable. Coal royalty paperwork lives in different files than oil and gas. We can usually identify what someone owns with just a name and a rough idea of where the minerals are located.
04
My family has held minerals here since the 1940s. Is the lease still good?
Often the answer is no, the original lease is long gone. Wyoming oil and gas leases typically have primary terms of three to five years and remain in effect only while production continues. If production has stopped, or if no production was ever established under the original lease, the minerals likely reverted to your family decades ago. That can mean the minerals are unleased today, which actually tends to be the higher-value position because it means a future operator will need to negotiate a new lease with you, often on better terms than the original.
05
I just received a pooling notice from the WOGCC. What does that mean?
A pooling notice is a strong signal that an operator is preparing to drill on a spacing unit that includes your minerals. Wyoming's pooling process is fairly permissive, so the operator can typically move forward whether or not you sign a voluntary lease. Your options are roughly three: negotiate a voluntary lease with the operator before the hearing (usually preferable), participate as a working interest owner (rarely the right move for passive owners because you take on a share of well costs), or accept the default terms of the pooling order. We are happy to help you understand the order and your options.
06
My minerals are on federal land. Does that change anything?
Yes, somewhat. Federal minerals are leased on a quarterly schedule by the BLM rather than the WOGCC, and the lease terms are standardized rather than negotiated. Royalty rates on federal leases are typically 12.5 percent (for older leases) or 16.67 percent (for newer leases under the Inflation Reduction Act). Federal coal is administered separately again, through the BLM Buffalo Field Office, with different procedures and royalty structures. None of this prevents you from selling federal minerals, but the analysis is different. We work with both federal and state mineral situations regularly.
07
Can I sell mineral rights I inherited if other family members inherited the same minerals?
Yes, you can sell your undivided fractional interest without needing the other heirs to participate. This is extremely common in Campbell County, where many interests have been subdivided across three or four generations of heirs, often spread across multiple states. A good buyer will work with your specific interest, not require you to round up cousins. We do this all the time.
08
How does the sale process actually work?
Step one, we do the research. You send us what you have, we pull WOGCC and BLM records, we check operator activity in the spacing unit, and we build an analysis. Step two, we send you a written summary with our reasoning. Step three, if you want to proceed, we handle the mineral deed preparation, you sign at a notary, and funds are wired at close. We move on your timeline, whether that is quick or deliberate. There is no charge for the research and no obligation to sell.
09
Do I need a lawyer to sell mineral rights in Campbell County?
You do not need one, but you are welcome to involve one. Mineral deed conveyances are relatively standard documents in Wyoming and reputable buyers use clear, arms-length language. If the transaction is large or your situation has complexity (multiple commodities, federal lease overlap, trust ownership, multiple heirs, split estate questions), an oil and gas attorney can add real value. Campbell County's multi-commodity ownership patterns make legal review more often worthwhile here than in single-commodity counties. We are happy to work with your attorney.
10
Why should I sell to Timberline Minerals specifically?
We are a family-owned office with roots in Texas and Montana. We work across the primary US basins but we spend most of our time in the Powder River Basin and the DJ Basin, which means we know Campbell County geology, the operators working here, the way WOGCC handles things, and the specifics of multi-commodity mineral ownership. We work with mineral interests of all sizes. You should always get multiple offers and we encourage it. If ours is not the best one you receive, that is useful information for you. Either way, we are happy to help you understand what you have.

Find out what your
Campbell County minerals
are actually worth.

Send us what you have, or what you think you have. We will pull WOGCC and BLM records, check operator activity in your section, and put together a plain-English summary with our reasoning laid out. If you have multiple commodities, we walk through each. If it makes sense to go further, we move on your timeline. If not, you have a free breakdown you can take anywhere.

Request a Valuation (512) 626-7267
Free · No Obligation · Your Timeline
08 Keep Reading

More for Campbell County
mineral owners.

Guide · 7 min read
Wyoming WOGCC: what mineral owners should know
What the WOGCC does, how Wyoming pooling works, and where to look up activity in your section.
Read the guide  →
Guide · 6 min read
I inherited mineral rights. What now?
A walkthrough of the first few things to look at, whether you just found out or have been sitting on it for years.
Read the guide  →
Guide · 6 min read
What is a pooling order?
If you received a pooling notice from the WOGCC, here is what it actually means, what your options are, and how owners typically respond.
Read the guide  →
Market Pulse

Powder River status, April 2026

Wyoming oil production averaged approximately 285 thousand barrels per day in early 2026, of which the Powder River Basin contributes roughly two thirds, primarily through Converse, Campbell, and the southwestern part of Johnson County. PRB activity in 2025 trended modestly higher year-over-year as operators continued horizontal development in the Niobrara, Mowry, and shallower Frontier and Sussex intervals. For Converse, Campbell, and Johnson County mineral owners, the practical takeaway is sustained drilling focus on the core fairway with selective step-outs.

12 month oil production trend
195
thousand barrels per day
Latest month
+3(+1.6%)
thousand barrels per day
Month over month
+7(+3.7%)
thousand barrels per day
Year over year
Last updated April 2026. Source: US Energy Information Administration, EIA-914 monthly petroleum production.