Royalties...finally
Finally started getting our royalty checks from Chesapeake and Stat Oil. I was a member here before but nothing was happening with our property and all everyone was offering was conjecture and hearsay. The checks we have gotten from our well in Bradford county are really not that good. We must have gotten an average production well. We have 15 acres in two units and the on that is producing is about 9 acres and the total checks between the two oil companies total about $1500 dollars for three months of production. The gas prices they sold the gas out was well below the well head price that you see on tv or on Marcellus shale forum. The gas was sold for over $1.50 less than you see everywhere and the amount chespaeake takes out for production is between 34-38 per cent which is ridiculous. Hopefully, the price of gas will rise in the future to give us a little more in royalties. Just wanted to post this because when I was a member before was kind of upset that no one would say what they were getting and told myself when i received royalties I would share the info. Really thought we would be in for a windfall but I guess it all depends on the output of the well and the thing is we only have one well drilled on the pad and it doesn't look like more wells will be drilled in the near future. Just have to hope the other unit I am a part of will produce better. If any one has any questions feel free to ask. Thanks
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Replies to This Discussion
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Permalink Reply by Deci Ruiz on
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This sounds wrong, 1 dollar an acre?? Is it being held up till the price of gas goes up? Or pipes?
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Permalink Reply by Tico on
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No it's about right 2 checks we got were for $250, 9 acres, is 9 dollars a day,, 30 days, 270 dollars,, they cut production of the well in half from the other checks we got for July august and September,, there is so much gas being produced now they will probably never go to full production or drill more wells on the pad,, but we can always hope,,
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Permalink Reply by Jim Litwinowicz on
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I would suggest that each of you get together with all your neighbors that are in the same unit. Compare results and what you have each been told about production, deductions, and anything else the companies told you. Maybe hire someone to go over the reports and explain how to read future reports. Share in the cost based on acreage in the unit. It will be worth it so understand future reports.
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Permalink Reply by Jim Litwinowicz on
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If the unit is 640 acres and everyone pitches in $5/acre that gives you $3200 to work with. If only people with half of the acreage participate, that still gives you $1600....more than enough to have a qualified person go over your reports and explain how to read future reports.
I would imagine someone would be willing to spend 2-3 hrs with the group for $250 to $400,,,,,, save the balance for future reports. Having this done several times would give you all enough knowledge to read them in the future.
Use any balance to have an accountant come talk about taxes or an attorney to discuss estate planning. Maybe donate some to the local VFD or first responders that need additional training. Have a pig raost for the group......building social ties is important.
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Permalink Reply by Dave on
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LW Where is your land located? I am in the SE corner of Bradford county. I talked to a few people a little north of me that are getting royalties and they said they are happy with the amounts.
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Permalink Reply by Tico on
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Dave, do you know if the people that are happy with their royalties are with Chesapeake, thanks, tico
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