Utica Shale Creates 550 Millionaires
Wednesday, December 4, 2013
Ohio’s Utica shale has created approximately 550 millionaires in Carroll County, according to OSU Extension Education Chris Penrose, in an interview with the Morgan County Herald.
Penrose also said that Harrison County, Ohio’s second most drilled county after Carroll, has about 80 new millionaires.
During a phone call with the Shale Gas Reporter, Penrose stated that his numbers came from M3 Midstream (Momentum).
Momentum is currently in a partnership with Chesapeake Energy to develop midstream services throughout Ohio’s Utica shale region.
» Via: Morgan County Herald » First Horizontal Utica shale permits granted
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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.
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.