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oildude
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PENN STATE ENERGY INC.
3 Replies

I need information about Penn State energy INC. They are based in Graysville PA. Does anyone know anything about this company?Continue

Started this discussion. Last reply by Jasper Johnson May 26.

CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?
9 Replies

Since royalties and bonus payments are considered as earned income and a lease is basically a form of partnership contract, can signing a lease be considered the same as starting a new business in…Continue

Started this discussion. Last reply by Mike h Apr 22.

WHAT HORIZONTAL DRILLERS ARE FROM PHILADELPHIA?
11 Replies

I need information about any horizontal drillers that are from Philadelphia. ANY information is greatly appreciated. Thank you. Continue

Started this discussion. Last reply by Jack Straw Apr 16.

LEASING ON THE EDGE OF THE " CORE PRODUCTIVE AREA".
3 Replies

My land is right on the edge of the " core productive area". With the new ODNR maps effectively reducing the amount of productive shale to lease does that make productive areas MORE rare and…Continue

Started this discussion. Last reply by David Perotto Mar 31.

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Latest Activity

Jasper Johnson replied to oildude's discussion 'PENN STATE ENERGY INC.'
"sounds like a johnny come lately "lease-flipper"."
May 26
Jack Straw replied to oildude's discussion 'PENN STATE ENERGY INC.'
"A Google Search turned up very little: "PENN STATE ENERGY, INC.                                                                           Company Name: PENN STATE ENERGY, INC. Status: Active Filing…"
May 24
Matthew Santiago replied to oildude's discussion 'PENN STATE ENERGY INC.'
"Do they have any relation to COnsol Energy?"
May 24
oildude posted a discussion

PENN STATE ENERGY INC.

I need information about Penn State energy INC. They are based in Graysville PA. Does anyone know anything about this company?See More
May 24
3 Comments
oildude replied to John Dennis's discussion 'Leasing activity in Lawrence Township area' in the group Washington County, OH
"Things sure have gotten quiet in Washington county. Does anyone have ANY information about what is happening in the Waterford-Beverly area?"
May 12
Mike h replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"No might about it. I'm getting ready to pay my $150."
Apr 22
Billy Park Whyde replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"ty for the correction. "
Apr 22
Michael Dolezal replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"Bonus and Royalties are considered royalty income unearned income reported as a Schedule E income (like a rental property) and are taxed at ordinary income rates. It could possibly be structured into a business, but you would need to consider…"
Apr 22
Dan replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"Looks like we might be subject to Ohio's CAT tax as well."
Apr 22
Angela Smith replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"Royalties are reported on schedule E and are unearned income.  You still pay taxes on the money (minus a 15% depletion) but you don't pay social security tax on this money."
Apr 22
Billy Park Whyde replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"IRS as earned income.  A whole thread about taxes here and suggested ways of reducing the tax rate as well. http://gomarcellusshale.com/forum/topics/minimizing-tax-consequences"
Apr 22
oildude replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"I could be wrong. How are royalties and bonus money taxed? "
Apr 22
oildude replied to Raf22's discussion 'Cash for leases?' in the group Washington County, OH
"I have NOT seen anyone lease in washington county yet. I was referring to a group of farmers that are currently negotiating with an oil company. I do not know who that oil company is at this time. Sorry.  Donna You are correct about the county…"
Apr 22
Billy Park Whyde replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"Probably when the first liberal thought of a way to increase taxes for his liking. "
Apr 22
Angela Smith replied to oildude's discussion 'CAN SIGNING A LEASE QUALIFY AS STARTING A BUSINESS UNDER OHIO TAX LAW?'
"Since when are royalties and bonus payments considered earned income? "
Apr 22
oildude replied to Raf22's discussion 'Cash for leases?' in the group Washington County, OH
"I have not heard of any landowner group signing a lease in my area. "
Apr 22

Profile Information

What is your role in the Marcellus?
Landowner
Why are you here?
Networking, Learning, Leasing Your Land, Protecting the Environment
Which state(s) are you following?
Ohio
What shale plays do you follow?
Utica
Tell us your story...
Good so far

Comment Wall (3 comments)

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At 6:56pm on February 23, 2012, Michael Householder said…
Hey oildude. Welcome to the Athens Co site. Looking forward to your input.
At 9:01am on February 19, 2012, michael j belaj said…

oildude The well drilled by Anadarko in Brookfield township has not been fracked yet I did here that it was perfarated off the drill steam. They started running the pipe line before they moved the rig off location that tells me they liked what they seen. The pipe line is 7" 7/8" th that is a large line for one well they must have plans to drill more. I followed the rig move they are now in Olive twp. Noble County two pads built there.

At 8:44am on February 9, 2012, Fang said…

I'll be home most of the day (Thursday) you can call 330-824-3373. If I don't answer you can call 330-883-8891.

If you prefer e-mail markr.mcgrail@gmail.com

Mark

 
 
 

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