West Virginia governor signs bill, allows for transfer of drilling permits
Thursday, February 5, 2015
West Virginia Governor Earl Ray Tomblin signed legislation allowing the transfer of natural gas drilling permits Feb. 4.
WV MetroNews reports that this law saves companies from going through the 120-day permitting process with the Department of Environmental Protection all over again.
Now that the bill has been passed, Southwestern Energy Corporation, the company that bought 430,000 acres amd 256 natural gas wells from Chesapeake Energy in 2014, plans to bring two drilling rigs to West Virginia soon.
Gov. Tomblin stated that the passage of this bill secures opportunities for West Virginians and also allows for ongoing business operations.
Related:
- West Virginia drilling permit transfer bill awaits lawmakers’ decision
- Chesapeake sells Marcellus and Utica shale assets to Southwestern Energy Co.
Via: WV MetroNews > Southwestern president says company will start drilling in W. Va. soon
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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.