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Wyoming · Powder River Basin · Modern Oil Engine

Sell Mineral Rights
in Converse County,
Wyoming.

Converse County is the single most productive oil county in Wyoming, and the modern engine of the Powder River Basin. If you own mineral rights here, there is a reasonable chance an operator is drilling within a few miles of your section right now. We are happy to help you sort out what you have.

40%
of WY Oil
2024 state production
~9,500ft
Niobrara Depth
typical TVD
10,000ft
Standard Lateral
2-mile horizontal
5+
Stacked Targets
Niobrara to Frontier
640ac
Base DSU
often pooled larger
01 The Basin

The southern engine of
the Powder River Basin.

The Powder River Basin is one of the largest hydrocarbon basins in the United States, stretching roughly 250 miles north to south through northeast Wyoming and into southeast Montana. Most people know it for coal. Mineral owners in Converse County know it for something else.

Converse sits along the southern edge of the basin, where the rock dips deepest and the geology is most generous. According to the Wyoming State Geological Survey, Converse County alone produced more than 40 percent of all Wyoming oil in 2024, the highest share of any county in the state. That share has been growing as horizontal development continues to push the limits of what these formations can deliver.

If you are reading this, you probably own a piece of that. Maybe it came through a will, a letter showed up in the mail with a pooling notice, or you just want to understand what your royalty statements mean. This page is for you.

Converse is not a fringe play with a couple of test wells. It is the most productive oil county in Wyoming, with stacked pay zones and a long development queue.

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

Starting point

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

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02 The Rock

Stacked pay. Five zones,
one section.

The Powder River Basin produces from a series of stacked Cretaceous-age formations, and Converse County happens to sit where most of them are still oil-charged. According to the Wyoming State Geological Survey, the basin's five most productive 2024 reservoirs were the Frontier, Niobrara, Parkman, and Turner sandstones along with the Mowry Shale. For a Converse County mineral owner, that stacking is the point. The same acre of minerals can produce royalty income from several different wells targeting different rock layers at different depths.

Niobraracalcareous shale

The Niobrara is one of the two primary unconventional targets in Converse County. It is a calcareous shale deposited during the Late Cretaceous, when an inland sea covered most of what is now the American interior. In Converse, the formation sits at roughly 9,000 to 10,500 feet below the surface and is currently being developed with two-mile horizontal laterals.

Anschutz Exploration has emerged as the most active Niobrara developer in the basin, and EOG has identified roughly 555 premium net drilling locations in the formation across its acreage position. For mineral owners, the practical consequence is that a single spacing unit can host several Niobrara wells over a multi-year development cycle.

Depth Range
9,000 to 10,500 ft
Type
Calcareous shale
Typical Lateral
9,500 to 10,000 ft
Lead Operators
Anschutz, EOG
TurnerWall Creek sandstone

The Turner Sandstone, also called the Wall Creek member of the Frontier Formation, is the second major horizontal target in Converse and the workhorse of the modern Powder River Basin oil play. It is a tight sandstone that responds well to modern multi-stage hydraulic fracturing.

EOG has been particularly active here, having accumulated significant Turner acreage and identified roughly 200 net premium drilling locations. The Turner is generally shallower and less expensive to drill than the Niobrara, and Turner wells often produce alongside Niobrara wells in the same spacing unit, layering royalty income for the underlying mineral owner.

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

The Mowry sits below the Niobrara and is the deepest of the major unconventional targets in Converse County. It is a hard, siliceous shale that has historically been more difficult to complete than the Niobrara, but operator results over the past several years have steadily improved as completion design has caught up to the rock.

EOG identified an initial 875 premium net locations in the Mowry across its broader basin position, with estimated net resource potential of 1.2 billion barrels of oil equivalent. The formation is increasingly being co-developed alongside the Niobrara as part of stacked pad designs.

Depth Range
10,000 to 11,500 ft
Type
Siliceous shale
Status
Emerging full development
Lead Operator
EOG Resources
03 The Operators

Who is drilling on your
Converse County minerals.

The operator matters. A top tier operator with capital discipline and a long development queue turns your mineral interest into reliable royalty income for years. An undercapitalized operator can tie up your acreage without producing a barrel. Here is who is doing what in Converse County right now.

i.
EOG Resources
EOG holds the most significant single position in the Powder River Basin, with roughly 400,000 net acres in what the company calls the basin's pressure cell, the bulk of which sits in Converse County. EOG has identified more than 1,600 premium drilling locations across the Niobrara, Mowry, and Turner formations, and has been the largest single contributor to recent Converse County development. EOG is widely regarded as the operator that proved up the modern PRB oil play.
Largest position
~400K Net Acres
ii.
Anschutz Exploration
Anschutz is a private operator headquartered in Denver and is currently the most active Niobrara developer in the Powder River Basin, according to Wyoming state production data. The company has also pushed development in the Mowry and Sussex benches. Anschutz wells in Converse County have included some of the strongest 24-hour initial production rates reported in recent basin history. Because Anschutz is private, royalty owners may not see the same level of public information about activity and plans that they would from a public operator.
Private · Niobrara leader
Active Development
iii.
Continental Resources
Continental built a significant Powder River Basin position over the past decade and remains an active permit filer in Converse County. The company has historically focused on the Sussex and Niobrara benches but has tested several other zones. Continental is now privately held following its 2022 take-private transaction, which has shifted the visibility of development plans for royalty owners.
Private · Steady
Multi-zone Operator
iv.
Chesapeake Energy & Devon Energy
Both Chesapeake and Devon have meaningful Converse County positions developed over the last several years, with focus primarily on the Turner formation. Chesapeake testing of reduced well spacing in the Turner has generally produced positive results, supporting tighter development going forward. Both operators publish reasonably detailed quarterly updates on PRB activity that royalty owners can monitor.
Turner focus
Steady Activity
v.
Sage Butte Energy & Private Independents
Sage Butte Energy is a private exploration company with a 146,000 acre contiguous position concentrated in north-central Converse County, with additional acreage extending into Campbell and Johnson. Several other private independents hold meaningful positions, including OneRock Energy which acquired roughly 160,000 net acres across Converse, Campbell, and Johnson in 2023. Private operators can move quickly when commodity prices cooperate and tend to be more flexible on lease and pooling negotiations than the majors.
Private · Core acreage
~146K Sage Butte Acres
See a familiar name?

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

Ask About Your Operator →
04 The Geography

Not all Converse County
minerals are built the same.

Converse County covers roughly 4,200 square miles. Where your mineral interest sits inside that footprint matters a great deal. Core PRB acreage along the central trend trades at very different values than the southern margin or the eastern fringe. Here are the sub areas we track.

Core PRB Trend
T35N-T39N
R71W-R74W
The geological heart of the Converse oil play. Stacked Niobrara, Turner, and Mowry development on most sections. EOG, Anschutz, and Sage Butte all hold meaningful acreage here. Mineral interests in the core trend command the strongest valuations in the county.
Activity: Highest Development: Active
Northern Converse
T39N-T41N
R71W-R74W
The transition zone between Converse and Campbell counties along the basin's central trend. Stacked pay continues to work here, with development pushing north over the past several years. Operator overlap between counties is common, and many spacing units cross the line.
Activity: High Development: Growing
Southern Converse
T31N-T34N
R70W-R74W
The southern edge of the basin where the rock starts shallowing toward the Hartville Uplift and Laramie Range. Geology becomes more variable here. Development is selective and often targets specific structural positions rather than blanket section-by-section drilling.
Activity: Selective Development: Targeted
Glenrock & Eastern Converse
T32N-T36N
R74W-R77W
The Glenrock area along the North Platte River corridor has a long history of conventional oil production from shallower zones. Modern horizontal activity is lighter here than in the core trend, but legacy production from older Minnelusa and Tensleep wells provides ongoing royalty income for many mineral owners.
Activity: Moderate Development: Mixed legacy
Douglas Area
T33N-T35N
R71W-R72W
The county seat and historical service hub for the basin's southern oilfield. Mineral ownership around Douglas can be mixed, with split estate situations common. The area has seen meaningful horizontal development as part of the broader core trend, especially to the north and east of town.
Activity: High Development: Active
Western Converse
T31N-T39N
R75W-R78W
The western half of the county trends toward the Bighorn-front geology and away from the basin's most productive trends. Some development occurs here, but mineral values are typically lower than in the core trend. Conventional legacy production is more common than modern horizontal activity.
Activity: Light Development: Limited
05 Your Valuation

What your Converse County
mineral rights are worth.

There is no universal formula. Valuation is a function of current production, future development, operator quality, lease terms, and market conditions. What follows are the four scenarios we see most often for Converse County mineral owners, along with the specific factors that shape value in each.

01
Producing Minerals with Active Royalty Income
Valued on a cash flow multiple
If your Converse County minerals are actively producing 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. Stacked-pay tracts with multiple producing zones typically command higher multiples than single-zone tracts.
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 for transportation and processing.
02
Unleased Minerals in an Active Development Area
Valued on future potential
Unleased minerals in Converse County 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 core PRB trend 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.
03
Small Fractional Interests & Inherited Positions
Often overlooked, often worth more than expected
Many Converse 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. We pay them the same attention as larger interests and we are comfortable doing the title research on fractional chains that cross multiple heirs, which are common in Wyoming due to the long history of split estate.
What shapes the number: net mineral acre count, royalty rate if leased, producing status of the underlying wells, operator quality, and whether other heirs holding the same mineral chain are also ready to move. Small interests are not small value, especially on producing tracts in the core trend.
04
Leased but Not Yet Producing
Valued on lease terms and proximity to activity
If your Converse County minerals are leased but not yet producing, value depends on the lease terms, the operator holding the lease, and how close active drilling has moved toward your acreage. A lease held by a top-tier operator with nearby permits is worth materially more than one held by a passive leaseholder. Wyoming primary terms are often three to five years, and Pugh clauses are common.
What shapes the number: your royalty rate, primary term expiration, Pugh clause and cost deduction language, the specific operator holding the lease, and how close active drilling has moved toward your section.
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

Wyoming keeps things simpler
than most states.

Compared to neighboring states like Colorado, Wyoming's regulatory framework for oil and gas is relatively straightforward. The state has been an energy producer since the 1880s and tends to favor development, which generally means faster permit cycles and more workable pooling processes. For mineral owners in Converse County, that translates to a higher likelihood of seeing your minerals developed in a reasonable time frame, but also a process that can move quickly enough to surprise you.

The WOGCC and how pooling works

The Wyoming Oil and Gas Conservation Commission, established in 1951, is the primary regulatory body 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 for new drilling and spacing units, 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 (typically 12.5 to 16.67 percent in modern orders) along with a risk-penalty deduction on their pro rata share of well costs.

Standard DSU sizes and voluntary pooling

The base drilling and spacing unit in Wyoming horizontal development is 640 acres, or one full section. In modern Powder River Basin development, however, operators routinely combine multiple sections into larger units through voluntary pooling agreements, with two-section (1,280 acre) and four-section (2,560 acre) units now common in Converse County. If you see a pooling order or unit agreement that references multiple sections, this is normal for the modern PRB.

Split estate and federal land overlap

Surface and mineral rights in Converse County are frequently owned by different parties, a historic pattern dating to the original land grants of the late 1800s. If you own minerals on a tract where someone else owns the surface, you have a legal right to develop your minerals, but operators must work with the surface owner under a Surface Use Agreement before drilling. This is normal for Wyoming and does not typically affect mineral value.

Roughly 30 percent of Converse County is federal surface or federal minerals, primarily managed by the BLM. Federal mineral leasing happens on a quarterly schedule, and federal pooling is administered through the BLM rather than the WOGCC, with somewhat different procedures. If your minerals are federal or partially federal, this changes the analysis in specific ways we are happy to walk through.

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 Converse County, Wyoming?
Values in Converse County vary widely depending on where in the county you own, whether your minerals are leased or producing, who the operator is, and how much drilling activity is happening near your section. Two interests a few miles apart can have genuinely different values. The only way to know what your specific minerals are worth is to look at the actual facts: your legal description, your lease status, what the operator is doing nearby, and what you are currently receiving in royalties if any. We are happy to do that for you, at no cost and with no obligation to sell.
02
Should I sell my Converse County mineral rights now or hold them?
That depends on your situation. People who hold typically want long-term royalty income, do not need cash for other priorities, and are comfortable with commodity price volatility. People who sell typically want to convert future uncertain income into certain present value, simplify their estate, or use the capital for something else. Neither is wrong. We can help you think through the tradeoffs without pressure to pick a side.
03
I inherited mineral rights in Converse 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, emails. The Converse County Clerk's office in Douglas keeps recorded deed records that go back well over a century, and the WOGCC database has well and operator records that are publicly searchable. We can often identify what someone owns with just a name and a rough idea of where the minerals are located, because Wyoming mineral ownership is well documented when you know where to look.
04
What is the difference between an offer to lease and an offer to buy my minerals?
Leasing gives an operator the right to develop your minerals for a period of time, typically three to five years in Wyoming, with extension if production is established. In exchange you receive a bonus payment per net mineral acre and a royalty percentage on any production. You still own the minerals. Buying transfers ownership entirely, in exchange for a lump sum. After a sale, you no longer own the minerals and you receive no future royalties. Both have their place. Buying typically delivers more value up front, leasing preserves long-term upside.
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. Most owners benefit from the negotiation path. We are happy to help you understand the order and your options without charging you for it.
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 pooling and unitization follow somewhat different procedures than state procedures. None of this prevents you from selling federal minerals, but the analysis is slightly 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 Converse 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 data, 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 Converse 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 (trust ownership, multiple heirs, partial federal interests, split estate questions), an oil and gas attorney can add real value. We are happy to work with your attorney if you have one, and we do not pressure anyone to skip legal review.
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 Converse County geology, the operators working here, and the way WOGCC handles things. 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
Converse County minerals
are actually worth.

Send us what you have, or what you think you have. We will pull WOGCC records, check operator activity in your section, and put together a plain-English summary with our reasoning laid out. 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 Converse 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.