Magnum Hunter to sell Tyler County, West Virginia acreage
Monday, June 1, 2015
Magnum Hunter Resources Corp. is poised to sell thousands of acres of land in the Utica Shale, starting with 5,210 leased acres in Tyler County, West Virginia.
Columbus Business First reports that the Tyler County land was not in the company’s drilling plans for the long run. Magnum Hunter is selling about $41 million of undeveloped acreage.
The Houston-based company has 210,000 acres under lease in eastern Ohio and West Virginia and wants to sell $450 million of its Ohio acreage.
Via: Columbus Business First > Magnum Hunter selling $41M of Utica shale land
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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.