Leetonia Meeting Discusses Strategy for Securing Best Lease Offers

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At an information meeting held by Leetonia Shale, LLC on Saturday, landowners asked questions about leasing land as company president Terry May encouraged them to join together in order to get the best deals on the small remaining parcels of land that haven't already been plucked up by the oil and gas companies.

From The Salem News:
Franklin Square resident Don Shepard, who owns five acres in Salem Township, signed on to be a part of the group. Leetonia Shale says there is no fee to become part of the group but four percent of the bonus fee will be charged upon signing.
"I talked to Terry (May) a month ago and at that time it was $5,000 per acre and 20 percent royalties." Shepard said. "Today it's about $3,500 per acre and 20 percent ... it's comparable to others but they said it could go higher, or lower."
Lisbon resident Bill Bryce owns three acres at U.S 30 and Depot Road in Center Township. "I'm at the hot spot," he said, adding he was going to take Leetonia Shale, LLC paperwork home to look it over.
Local concerns include drilling rigs, their location and size.
Read the entire article here.

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