Despite Buell Well Success, Harrison County Not Feeling Full Trickle-Down Effect

From the Harrison News Herald:

The Buell well may be showing high numbers for production, but they will not necessarily be reflected in Harrison County’s cashflow.
According to figures provided through the Ohio Department of Natural Resources, the Archer Township well amassed 1,523,465 million cubic feet (MCF) of gas and 13,472 barrels of oil within 79 days of production in the Utica Shale. That is seen as a significant boon for operators Chesapeake Energy, but the trickle-down effect is not as strong when it comes to taxes.
County Auditor Moore said based upon a “complicated” formula through the Ohio Department of Taxation, Harrison will only see about $22,000 in taxes when it starts collecting next year. That figure is anticipated to drop over the next two decades and could leave the county with slightly more than $120,000 as its total profit.

Read the rest of the article here.

Visit our Forum!

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

The Second Largest Oil and Gas Merger - Cabot and Cimarex

Is a Strong Oil Demand Expected This Year?