EnerVest explores Clinton Sandstone in Ohio
Thursday, March 24, 2016
Texas-based EnerVest Operating LLC is pleased with its horizontal oil well production in the Clinton Sandstone. The company has seven small, experimental wells in Stark, Carroll and Tuscarawas counties, Akron Beacon Journal reports.
The company’s horizontal wells are producing more than vertical-only wells, but the horizontal wells cost much more at $1.8 million each. However, EnerVest expects $7 million to $10 million in revenue from each well.
The Clinton Sandstone is a shallow rock formation that spans 25 Ohio counties and has been drilled for 100 years. According to the source, the formation is seen as another opportunity for Ohio’s shale drillers, as Utica shale drilling is expensive.
Read more: Akron Beacon Journal > EnerVest happy with Clinton sandstone horizontal wells in Ohio
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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.
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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.