Pin Oak Energy closes deals on Ohio, Pennsylvania assets
Friday, March 2, 2018
Pin Oak Energy Partners LLC, an Akron-based oil and gas producer, closed on a series of transactions with multiple sellers to allow it to acquire more Ohio and Pennsylvania shale assets, according to Crain’s Cleveland Business.
Pin Oak Energy Partners LLC’s acquisitions will include nearly 70,000 acres for Utica/Point Pleasant development across Ohio and Pennsylvania and 33 conventional wells in Ohio that produce from the Knox Group of geologic formations. The financial terms of the acquisitions weren’t disclosed.
The transactions include leasehold acreage in Mahoning, Trumbull and Guernsey counties in Ohio, and Mercer County in Pennsylvania.
Learn more: Crain’s Cleveland Business > Akron’s Pin Oak Energy Partners buys shale asset in Ohio and Pennsylvania
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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.