If you are where I think you are, west near deposit or Hancock, NY which puts you smack dab in the middle of the Marcellus fairway as well as the UTICA and a few more formations .I would first contact a law firm leading in this area of Leasing.. Ours is representing 300,000 + acres as it is, and our coalition has a possible 24,000 Acres, but only 13,000 signed on..
The price in your area is in now moving past the 6,000$ and acre price to 7k and 20% .. This can change a lot in the next 6 months, and really don't expect too much movement until Sept when the weather starts to get cold again..
We are placing our acreage up for Auction I believe in June.. Keep an eye on this website as all the pertinent news is listed here...
http://schema-root.org/science/geology/stratigraphy/formations/shales/marcellus/
Being surrounded by XTO leases is a very good thing, they are going to want to fill that hole, and you will be getting a bigger signing bonus as well as percentage as time goes on.
only time will tell how many players come into area, and the more players, the more competition for your land.. 2 years ago there were only 14 players, now there are 56, with more on the way.. and 3 of those players are 3 of the largest Oil compnies in the world.. and they are not here for a bakeoff!!!
My personal thought, is that once the NYS DEC sets the rules, it's going to be a free for all, and could trigger a land rush..but if someone comes to you and offers 25-30k an acre and 25-29% , don't be greedy and grab it...
That is the industry median when resigning a lease.. we have seen deals in NYS for 14,00o$ so far, with some deals in PA for 30k
Jean Michel LeTennier
The price in your area is in now moving past the 6,000$ and acre price to 7k and 20% .. This can change a lot in the next 6 months, and really don't expect too much movement until Sept when the weather starts to get cold again..
We are placing our acreage up for Auction I believe in June.. Keep an eye on this website as all the pertinent news is listed here...
http://schema-root.org/science/geology/stratigraphy/formations/shales/marcellus/
Being surrounded by XTO leases is a very good thing, they are going to want to fill that hole, and you will be getting a bigger signing bonus as well as percentage as time goes on.
only time will tell how many players come into area, and the more players, the more competition for your land.. 2 years ago there were only 14 players, now there are 56, with more on the way.. and 3 of those players are 3 of the largest Oil compnies in the world.. and they are not here for a bakeoff!!!
My personal thought, is that once the NYS DEC sets the rules, it's going to be a free for all, and could trigger a land rush..but if someone comes to you and offers 25-30k an acre and 25-29% , don't be greedy and grab it...
That is the industry median when resigning a lease.. we have seen deals in NYS for 14,00o$ so far, with some deals in PA for 30k
Mar 25, 2010