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
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.