Columbiana County landowners have land re-leased by Chesapeake
Wednesday, October 28, 2015
According to information from the Columbiana County recorder’s office, Chesapeake Energy Corp. is re-signing leases and paying bonuses again in the county.
The Business Journal reports that so far, 63 of Chesapeake’s leases that were going to expire this year have been re-signed. More than a third of those leases are in Wayne Township. Eleven leases have been re-signed in Salem Township and nine have been re-signed in Center Township.
Columbiana County Commissioner Tim Weigle says that the re-signing and bonus payments are good news for the county because it shows that Chesapeake isn’t giving up on the area.
Via: The Business Journal> Chesapeake Starts Re-Signing Leases in Columbiana
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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.