Oil and gas slump forces Carroll County attraction to close
Monday, August 22, 2016
The slump in oil and gas prices isn’t affecting just the energy industry.
The Plain Dealer reports that other businesses, such as the Atwood Lake Resort in Carroll County, Ohio, closed due to the prolonged decrease in oil and gas activity in the region.
Atwood Lake Resort originally closed in 2010, but reopened in 2012. The owners intended to use royalties from a well on the property to fund improvements. The well was never drilled, though, and when drilling ceased, out-of-state workers who had been staying at the resort left, hurting business.
Read more: The Plain Dealer > Atwood Lake Resort, closed for a second time, will be auctioned off next week
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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.