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Frank Buffington
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- A family member who owned a 57 acre property that has a gas lease has passed away, and my mother is the executor of his estate. We are interested in gaining some information on the value of existing gas leases. The lease was for five years beginning in February 2008 for $2400 per acre with a 15% royalty with several clauses advantageous to the landowner in an addendum. The addendum, among other things, provides that the royalty is a gross royalty without any costs deducted, forbids gas storage, and requires the lessor to return property to its original state.
- What is your role?
- Landowner
- Which state(s) are you following?
- Pennsylvania
- What shale plays do you follow?
- Marcellus
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