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Harrison County, OH

The Harrison County's picture is of Scio, Ohio circa 1898 and represents the boom of days past. This site is dedicated to the sharing of information with all concerned in oil and gas leasing in Harrison County today. Join us and prosper. Please join this group to participate.

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Latest Activity: May 22, 2022

Discussion Forum

Leasing

Started by pinehill. Last reply by pinehill May 22, 2022. 5 Replies

Gulfport Energy - Bankruptcy

Started by Shower Bath. Last reply by Shower Bath Mar 26, 2022. 6 Replies

Activity in Monroe Twp.

Started by pinehill Mar 5, 2022. 0 Replies

Deucker Drilling Units

Started by Al Cramblett. Last reply by JT Dec 21, 2020. 58 Replies

Why the lack of activity in harrison county

Started by Hunter. Last reply by 01i07a3wywens Sep 1, 2020. 22 Replies

Any Info on DPS Land Services?

Started by Kathy R. Last reply by Kathy R Aug 19, 2020. 4 Replies

any activity in harrison county???

Started by ray schmidt. Last reply by Tim Aug 17, 2020. 8 Replies

Any activity in Harrison County

Started by william May 18, 2020. 0 Replies

Athens Twp.

Started by Robert Bond. Last reply by keepthefaith Jun 9, 2019. 25 Replies

royalties

Started by earl miller. Last reply by earl miller Jan 24, 2019. 2 Replies

Ascent is knocking

Started by Hunter. Last reply by Hunter Oct 5, 2018. 8 Replies

Companies looking at Harrison County for new plant

Started by Keith Mauck (Site Publisher). Last reply by Ronald L. Rohr Jr. Aug 29, 2018. 5 Replies

lease renewal in harrison co.

Started by ray schmidt. Last reply by Shower Bath Aug 10, 2018. 72 Replies

Comment Wall

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Comment by Dan on December 2, 2010 at 12:35am
I have a question: Besides the royalty payment (a percentage of gas or oil produced) and the lease payment (a $/acre amount paid up front to reserve the land for a number of years) is there something else called the signing bonus? Or is the signing bonus the same thing as the lease payment?
Comment by Chuck White on November 30, 2010 at 7:24pm
Be Careful;
You may be giving up 6% and gain no more than you can do yourself.
Fear is a great tactic, don't fall for it.
Comment by jerry allen on November 30, 2010 at 1:41pm
6% of acerage bonus is what I was told. I'm not sure but I believe it also covers their work on the amendments etc. to the lease prior to signing.
Comment by Dan on November 30, 2010 at 1:16pm
Maybe I read that too quickly. Is it 6% of the one-time lease payment, or 6% of the royalties?
Comment by jerry allen on November 30, 2010 at 12:52pm
I didn't attend the meeting but called and talked to the attorney who arranged it. He is working with attorneys from Washington, Pa attempting to form a land group in the eastern Ohio area. They want 6% of the signing bonus for their services.
Comment by john harold on November 30, 2010 at 12:46pm
Did anyone go to the meeting in Wintersville advertised in the News Herald last week? Is it for a land owner group?
Comment by tom dowdle on November 18, 2010 at 1:50pm
What companies are looking for mineral leases in Harrison Co.? Thanks
Comment by Al Cramblett on November 18, 2010 at 11:36am
Thanks to the previous three gentlemen for their post. The information you provided helps to educate the rest of us.

Leonard, the answer to your question is truly complex and is actually regulated by a revenue ruling. I have encountered many tax professionals that argue that the bonus payment can be spread over several years. Following is the official IRS position:


Cash Bonus
IRS Revenue Ruling 68-606
Some leases attempt to spread out the payment of bonus money.

Rev. Rul. 68-606 requires that:

If the lessee is unable to avoid such payments by production or by
terminating the lease, then the annual payments are regarded as
an installment lease bonus. Payments received from an obligation
that is not salable or freely transferable are income in the years the
payments are received. However, if the rights to the bonus
payments are freely transferable and readily salable, the total
amount of the lease bonus is includible in income at the time the
lease is executed even though the bonus is payable in installments
Comment by tom dowdle on November 18, 2010 at 11:00am
Hi I'm new to the group. Have land in Archer Twp. Can payment for the lease be paid out yearly instead of lump sum?
Comment by Dan on November 18, 2010 at 8:22am
Hi, I've got 132 acres in Rumley Township in Harrison. Currently negotiating with Kenyon. Just introducing myself.
 

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