Replies to This Discussion

Permalink Reply by Brian Day on February 6, 2010 at 5:20am

All kinds of things going on! First, where is your land located? Second, spend some extended time browsing this website. Third, get as well informed as you can before signing or accepting anything. I have had to learn more about this business in the last two or more years than I ever wanted to and I still feel grossly under educated. Fourth, throw trust in business ethics out of the window and get everything on paper and examined by a qualified lawyer. Godd luck and welcome aboard.

Permalink Reply by Stephanie on February 6, 2010 at 5:52am

Our land is located on Delmar Ridge Drive, in Wellsboro. Thank you for your advice. Can you recommend and decent/reputable lawyers?

Permalink Reply by Brian Day on February 7, 2010 at 2:15pm

I actually live in Wyoming, on the Powder River Basin. This has been a hot area for coal bed methane for a decade or two, but has cooled considerably since the Marcellus started up. Lawyers in Pa. experienced in this sort of thing are going to be hard to find. Many will claim to be tuned up on it just because of the huge amounts of money involved, but again, get some kind of real references. I am trying to get some infor from the experienced lawyers here in Wyoming, but you know, they are kind of pompus. Wyoming has been one of the bid energy states forever. In their minds, nothing in the ancient developed East could posibbly userp a Western state for resources and I must be some poor fool full of wisheful thinking about a little scrap of old family land. When I shove numbers under their noses and locations, they get interested. It is frustrating though. Perhaps some of them will migrate temporarily to Pa. from Wyoming or Texas and get a Pa. license. Look for one of these.

Permalink Reply by Lynn Wigglesworth on February 6, 2010 at 10:19am

Are you saying that when you bought the property, the mineral rights were already leased? To East? If so, I don't think it's negotiable. By law, 12.5% is the lowest royalty you can get, unless you somehow only own a tiny portion of the mineral rights?? Did the mineral rights come with the property? Many recent sales were just surface rights, with the previous owner retaining the mineral rights. I've been told that Tom Owlett in Wellsboro has experience with mineral leases and with East.

Permalink Reply by Mike Herceg on February 9, 2010 at 2:17am

Les Greevy seams to be very knowledgable - he is located in Williamsport - http://www.linkedin.com/pub/les-greevy/10/b96/513 - met and spoke with him at several Penn State seminars on the shale

Permalink Reply by Christopher S Gilbert - Realtor on February 9, 2010 at 4:18pm

Lester Greevey is too busy to get it done I believe. From what you are describing, it sounds like what you have might be a pooling declaration and that your proeprty may be included in a well unit. You state there is already a lease so there is little or no negotiating to be done. You need a good financial planner/accountant/lawyer for your plans for the possible new found wealth depnding on the acreage that you have.