Another Oil and Gas Lawsuit
Wednesday, June 27, 2012
According to Dan Pompili at tribtoday.com, a new class-action lawsuit was filed in Trumbull County Common Pleas Court against North Coast Energy of Youngstown.
Here’s an excerpt from the article:
The Coles claim that they signed a lease with North Coast in 2006 for a period of “greater than three years” in order for the company to develop the gas and oil resources under their property. They say that development has not happened.
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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.