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Tuesday, September 30, 2014

Royalty Checks Are Coming in For Columbiana County Residents

From Business Journal Daily:
Bob Crosser thought working 42 years as an Ohio Edison troubleshooter was enough, so in 2011 he chose to retire and spend his time tending the horses he raises on a farm along U.S. Route 30 here. 
But a recent turn of fortune might also have factored in his decision. 
“It’s been a gift, really,” Crosser says as his Chevrolet pickup truck bounces toward an operating natural gas well Chesapeake Energy Corp. drilled on his property almost three years ago. “This well’s been good to us. If it keeps coming in like this, I’ll be making a lot more than what I did at Ohio Edison, that’s for sure.” 
As such, Crosser is among the first residents in Columbiana County who are finally reaping the dividends in the form of hefty royalty checks from oil and gas leases they negotiated nearly four years ago. 
Many energy companies have abandoned the northern portion for more lucrative positions further south in Harrison, Belmont, Monroe and Noble counties.  
The lack of interest and overall poor well production in the north has led companies such as BP America and Halcon Resources to suspend drilling in areas of Trumbull and Mahoning counties. 
But the latest data show that wells in Columbiana County are in step with some of the results seen from wells drilled in the southern tier of the play.
You can click here to read much more about how the northern section of the Utica shale is proving that its demise has been overstated.

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