Utica Shale drilling in Northwest Pa.
Tonight I went to a landowners group meeting on utica shale drilling. a few facts I can share. There is 3 times more oil in Northwestern Pa than Saudia Arabia has. The boom will be bigger than when They discovered oil in Texas. A 100 acre farm will produce 5 to 10 million Dollars. All the big oil companys are moving in. A landowners group joins all thier land in one big parcel so they can get more money and higher royalty payments. BP just leased 68,000 acres to a landowners group in Ohio for $3950.00 per acre with rolaty payments of 17.5%. That is in countys that border Mercer county In Pa. They figure there will be drilling in this area for 70 years. And I got 40 acres in the middle of it. :Dsolarvic:D Since I am already locked into an old lease I won,t get the big signup bonus and will only get 12.5% rolalty payments if I get a well. So if you are a landowner don,t sign the lease on your own. Better to join a landowners group.
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