I've been reading and taking it all in and..
The oil and gas business seems to be gathering steam. I'm wondering if anyone has any predictions on when we here in the North Central part of PA should expect to see land men with offers?
The previous owner of our farm leased the farm and that lease expired in July 2015. (the OGM rights transferred with the farm.)
We did have offers of $2,300/acre and $1,500/acre in March/April 2015 but by the time the old lease expired/ we got the release in July 2015, the offers dropped to $300/acre.
All the property around us is leased. Is that a bad thing?
Also, someone said something about holding tanks in Bingham township being an issue?
We are at 501 Collins Hill Road, Ulysses, PA (Bingham Township)
Thanks in advance for any comments!
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Permalink Reply by 0ym9x5ag7ury2 on
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Lori,
You are on the Western edge of the Rome Trough. See page 22a or 23a on the below US Geological Survey document 1443.
You have somewhere between 3 and 16 stacked shale plays under you. Name your price for a leasing bonus.
Find and read the Forced Pooling laws for PA. In Ohio the ODNR has laws to "protect" landowners who are force pooled. It's better than being leased to an O&G producer who has a reputation of not paying royalties. Chesapeake is NUMBER ONE in Lawsuits.
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