West Virginia drilling permit transfer bill awaits lawmakers’ decision
Tuesday, January 27, 2015
On Jan, 23, the West Virginia Senate approved Senate Bill 280, allowing the transfer of well permits from one company to another. The bill is now at the House of Delegates, according to WV MetroNews.
In 2014, Southwestern Energy bought 413,000 acres from Chesapeake Energy. That acreage included 256 natural gas wells. Senate Bill 280 would allow Chesapeake to transfer the permits to Southwestern. If the bill is not passed, Southwestern will have to go through the permitting process to obtain the wells.
Related: Chesapeake sells Marcellus and Utica shale assets to Southwestern Energy Co.
Via: WV MetroNews > Rules suspended in Senate, drilling permit transfer bill approved
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.