Replies to This Discussion

Permalink Reply by Jack Young on November 21, 2013 at 11:20am

The shales haven't been very promising in your area, but there were a couple small shallow oil fields in Eldred Township years ago so it's possible you might have some potential there. Do you know if your property was drilled in the old days, and how close you might be to the Selkirk field? I think that you might be able to get a little extra when you sell the property if the oil and gas rights go with the land, but it's not going to make an enormous difference in the price, I'm afraid. Not until/unless somebody actually drills a profitable Marcellus or Utica well in your area.

Permalink Reply by Emily on November 21, 2013 at 3:47pm

There are oil wells around us, but not on our property. I had called a few companies and they said since nothing is going on in the area now that they are not iinterested. But they figure in the future there will be activity again. Thanks for the info.

Permalink Reply by Trapper on November 21, 2013 at 11:56am

May I ask what you are asking for it? Thanks.

Permalink Reply by Emily on November 21, 2013 at 3:51pm

We are asking $220,000 but if it were a flipper or company we were hoping for more.

Permalink Reply by Trapper on November 21, 2013 at 4:12pm

You should get it I would think. Good luck.

Permalink Reply by Jack Young on November 21, 2013 at 4:01pm

One problem with the old shallow oil fields in that area is that the oil is so shallow that it's not much deeper than the ground water. (I guess I should have said that it you're on a hilltop, there might be value in the shallow oil if it wasn't drilled 100 years ago +/-.) The Selkirk Field was discovered in 1894, and the main producing sand there was as little as 300 feet deep. It wouldn't be possible to drill and produce that safely today. There is a slightly deeper third sand, but it doesn't cover as much ground. I'm sure that having the oil and gas rights will still bring you a better price than you would get without them, of course. But right now there are no "flippers" in your area because there's nobody to flip properties to.

Permalink Reply by Freestar on November 27, 2013 at 6:03am

I have about 28 acres in Sheffield Township and was wondering what thier value is. There is shallow production already but the real value is deep rights ultimately. I get about $500 month in royalties from the shallow rights plus 15% on the deep rights if/when it goes into production. I would think they could sell in the range of $70,000 basing it on $2,500 per acre.

Permalink Reply by Edward Sekerak on December 4, 2013 at 10:29am

Emily, I am a Real Estate broker located in Corry, Pa. I would be interested in getting more information regarding your parcel in Eldred Twp. Please contact me at esekerak@tbscc.com. Thank you.

Permalink Reply by Janice L. Hancharick on November 2, 2014 at 7:27am

A year has almost passed since you posted your wishes to sell your acreage in Eldred township.  My family's acreage is over in Ceres (close to Annin) township.  Did you find a buyer?

Permalink Reply by Emily on November 2, 2014 at 9:37am

We have not found a buyer. It is for sale through a real estate agent now.

Permalink Reply by Janice L. Hancharick on November 2, 2014 at 10:18am

Thanks for the reply.  I realize I made a mistake in thinking YOUR Eldred Twp. was in McKean County.  Too many places w/the same name!

Thought I possibly had a lead for you ... not sure if Warren is as interesting for him.

Good luck though.

Permalink Reply by rpc16354 on February 16, 2015 at 3:47am

Hi, property still available for sale?  If so, please send me the link to the agency's site.

Thanks

Rian

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