I was wondering if anyone has any accurate information on the current potential for utica shale leasing and production here in Morgan County. We also have some land here and it's basically to steep to be of any use in our farming operations. We are hoping to recover some of our real estate land tax expenses by leasing the acreage.
What is the factual information on lease cost per acre here?
leases available at eagles on tues and thurs beverly ohio.... for now... call marie at... 740-498-7221
How bout eastern Perry County?
There was a Landowners' meeting last night at Morgan County High School. They are forming a Landowners' association. The lawyer who is handling it is Jennifer Garrison, out of Marietta, who works with Bricker and Eckler LLP out of Columbus. They are signing people up to join the Association and they will work on negotiating a Landowner-friendly lease. Jennifer hinted last night that they think they can get a lease with a sign-on bonus of over $1000 an acre! They are charging 4.5% on the sign-on bonus only - nothing on the royalties. Jennifer's contact information is (740) 373-2414 and her e-mail is: [email protected]
The price of leases has increased all year. At the beginning of 2011 people signed for $25-$50. By spring it was up to $225. A company has been offering $1000 now for most of the summer. What ever you do, do not sign the lease as written. If you do you or who ever owns your property in 20 years will regret it. Most of the terms in the original lease offered are not landowner friendly. In some cases very scary. Get to a lawyer. (Disclosure - I am a lawyer) There are several very competent attorneys in south east Ohio who can help you with a lease. If you get a chance go to one of the OSU Extension seminars. They are very informative.
There is Morgan County Landowners Group meeting as below. Mr Emens, our attorney, is representing the group for 1% of the bonus payment plus small expenses. He is our attorney & works for us. He is very experienced in Oil & Gas Land Leases.
The next meeting is Monday, October 3rd, 2011 at 6:00pm at the Morgan High School Auditorium. Our guest speaker will be Mr. Larry Wickstrom, Chief of the Geological Survey, Ohio Department of Natural Resources. He will be discussing the Utica formation and the latest information on it. Also attending will be our attorney, Mr. Dick Emens of Emens & Wolper Law, Columbus, Ohio, who will give a brief presentation on what to watch out for in oil and gas leases