Ohio’s Utica Shale has record-breaking second quarter
Tuesday, September 1, 2015
Second quarter production in Ohio’s Utica Shale was record-breaking, according to The Columbus Dispatch.
During the three month period, 5.6 million barrels of oil and 222 billion cubic feet of natural gas were produced. These numbers are up from 4.4 million barrels of oil and 184 billion cubic feet of natural gas produced during the first quarter of 2015.
The recent Ohio Department of Natural Resources report shows that the state’s top oil wells are located in Guernsey County and the top gas wells are located in Belmont County.
Via: The Columbus Dispatch > Ohio oil, gas drilling still rising despite price drop
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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.