Eclipse to buy Pa. Utica shale assets
Wednesday, December 20, 2017
Eclipse Resources Corporation and its subsidiary Eclipse Resources PA will buy oil and gas leases, wells and other related interests in Tioga and Potter counties in central Pennsylvania for $93.7 million from Travis Peak Resources, LLC, according to Farm and Dairy.
The deal spans approximately 44,500 net acres, including 22 industry Utica Shale wells. The company says their preliminary analysis indicates the gas inlace exceeds southeast Ohio’s Utica Shale Dry Gas “Core” area.
Eclipse plans to add approximately 87 net drilling locations while increasing the company’s Utica dry gas acreage by approximately 85 percent.
Learn more: Farm and Dairy > Eclipse Resources to buy Pa. Utica shale leases, wells
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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.