Four companies win Wayne National Forest drilling rights
Thursday, January 5, 2017
Eclipse Resources, Flat Rock Logistics, Gulfport Energy and Petrogas Co. placed winning bids, totaling to about $1.7 million, to lease portions of Wayne National Forest for oil and natural gas drilling, according to the Cincinnati Enquirer.
Pennsylvania-based producer Eclipse purchased a majority of the acreage, shelling out over $1 million for the right to develop 11 parcels, totaling nearly 426 acres.
West Virginia-based producer Flat Rock Logistics bought two parcels, totaling 151 acres for $551,152.
Gulfport Energy Corp., an Oklahoma-based driller, purchased two parcels, totaling about 98 acres for $232,370.
The final purchase was substantially smaller. Houston-based Petrogas Co. bought two small parcels, totaling a little more than 3 acres for $2,705.
The auction included 22 bidders total.
Learn more: Cincinnati Enquirer > Who won leases to frack in Ohio’s lone national forest?
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What are mineral rights?
Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
Will I get free natural gas if I allow fracking on my property?
Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.
they should be paying $6000.00 per acre this letting them off cheap.