Akron wants to sell mineral rights for fracking of 475 acres of public land
Wednesday, January 20, 2021
Akron City Council granted initial approval of a deal to allow horizontal drilling and fracking on 475 acres of public land at La Due Reservoir, situated upstream from the city’s main water supply, according to the Akron Beacon Journal.
If approved again on Jan. 25 by all of the council, the deal would add another oil and gas well in Geauga County where the reservoir is located.
The deal would give the city a one-time payment of $500 an acre, or $237,500 total and 15% of the royalties for any producing wells.
Learn more: Akron Beacon Journal > Akron wants to sell mineral rights for the fracking of 475 acres of water shed land
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Shale FAQ
What are mineral rights?
Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
Will I get free natural gas if I allow fracking on my property?
Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.