2015 production numbers, new wells show slowdown in Pennsylvania
Monday, February 22, 2016
Data released by the Pennsylvania Department of Environmental Protection shows that low prices affected drillers’ production numbers and the number of wells drilled in 2015.
Before last year, oil and gas companies were increasing production by 30 to 50 percent a year. Pittsburgh Tribune-Review reports that last year, drillers increased production from unconventional wells by just 2.7 percent. Well numbers grew little last year, with just 653 new wells drilled.
According to the source, companies are still fracking and bringing previously drilled wells online, focusing on the best-producing and most cost-effective areas.
Read more: Pittsburgh Tribune-Review > Growth of Pa. shale drilling cooled in 2015
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How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
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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.