Video conference to address landowner financial and tax issues on Marcellus Shale gas leasing
Monday, November 29, 2010
UNIVERSITY PARK, Pa. — Signing a Marcellus Shale natural gas lease is a life-changing event for landowners lucky enough to be on top of the major find. But huge questions arise and need to be answered before and after any landowner signs a lease.
That’s why American Agriculturist, Ag Choice Farm Credit, Penn State Cooperative Extension and Cornell Cooperative Extension have teamed up experienced professionals with crucial answers.
Conference
They’ll host a live video conference Dec. 10 with links to at least eight sites in Pennsylvania. The workshop will begin at 9:30 a.m. and end at 4 p.m. with a one hour lunch break.
A six-member panel will tackle issues arising before you sign a gas lease all the way through managing risks, handling of royalties and landowner succession planning.
Panel
The panel includes: Atty. Gary Heim, CPA Jim Leonard, Penn State Extension’s Marcellus team coordinator Dave Messersmith, farmer and lease consultant Jackie Root, and Ag Choice Farm Credit’s Tim Sutherland and Amy Van Blarcom.
You can attend one of eight host sites in Pennsylvania and sites yet to be named in New York.
You’ll also be able to get your questions answered live via the conference hookup.
Details
For more details and to make advance reservations, contact one of the following host sites:
– In New York, e-mail marcellusshale@cornell.edu
– Penn State Extension – Wayne County
Contact: Dave Messersmith, dtm101@psu.edu or call 570-253-5970 x 4110
– Penn State Extension – Tioga County
Contact: Craig Williams, jcw17@psu.edu or call 570-724-9120
– Penn State Extension – Forest County
Contact: Scott Weikert, sjw128@psu.edu or call 814-755-3544
– Penn State Extension – Sullivan County
Contact: Rick Smith, rss7@psu.edu or call 570-928-8941
– Penn State/University Park
Contact: Mike Jacobson, mgj2@psu.edu or call 814-865-3994
– AgChoice Farm Credit – New Stanton
Contact: Doug Huston, dhuston@agchoice.com or call 724-696-3276 or 800-487-4135
– AgChoice Farm Credit – Butler
Contact: Kathy Hartzell, khartzell@agchoice.com or call 724-482-2173 or 800-829-0056
– AgChoice Farm Credit – Lewisburg
Contact: Erin Bingaman, ebingaman@agchoice.com or call 570-524-2204 or 800-223-3276
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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.