I own some land in PA where apparently happens to be a big gas field. I'm being approach to have a well possibly drilled. Yeah, I know check mineral rights, which I own, get a lawyer and so on. I'm just wondering about other details that could be over looked. The gas company has to be environmentaly friendly in drilling and shutting down the well when done. There seems to be a big frenzy going on by land service companies to sign up people. I've been googling the topic in the area and been reading up. Right now I have one offer that is $500 per acre (I've got 22 acres) and 12.5 cents per 1,000 CF. Some people are getting $1,500 an acre and I hear up to 15 cents! I know someone is going to tell me to ask for more but I'm afraid if I get that and they drill a dry well in my area, they'll avoid me like the plague.
In reading up it seems that most leases are well under $100 per acre in general. My neighbor who I bought my property from got $100 from the same company that's talking to me last November. I guess things are heating up.
If I make any money I realize that the total amount is going to be based on just how much gas the get. The payment from the lease will be negligable IMO, to the over all amount that I could possibly make. Anybody been there, done that?
In reading up it seems that most leases are well under $100 per acre in general. My neighbor who I bought my property from got $100 from the same company that's talking to me last November. I guess things are heating up.
If I make any money I realize that the total amount is going to be based on just how much gas the get. The payment from the lease will be negligable IMO, to the over all amount that I could possibly make. Anybody been there, done that?
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