Much left to be revealed in Ohio’s Utica Shale
Wednesday, December 24, 2014
Utica Shale exploration has only just begun, according to Crain’s Cleveland.
Drilling began in Ohio in 2008, and since then over 600 oil and natural gas wells have been put into production.
One estimate of the Utica’s lifespan from Professor Jeffrey C. Dick of Youngstown State University’s geology department is 20 more years, considering that only 4 percent of the shale formation has been tapped and that approximately 600 wells will be drilled each year. However, it may last for more than 20 years if the shale can be refractured, and if there are other shale formations that can successfully be tapped.
Via: Crain’s Cleveland > What we still don’t know about shale development in Ohio
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.