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By 2008 the Marcellus Formation had become the focus of shale gas development, starting in Pennsylvania. Leasing agents aggressively sought out acreages to lease mineral rights in Pennsylvania. [21] The price for leasing rose from $300 per acre in February to $2,100 in April, 2008. [22]
The revenue decimal used to calculate the amount of an owner's royalty check is calculated with the following equation: [18] A = Net mineral acres owned; U = Number of mineral acres in the oil and gas drilling unit or pool; R = The royalty assigned to the mineral rights owner by the oil and gas lease covering the minerals
The lease expires after the primary term, unless drilling or oil and gas production has started on the lease. If production is established, the lease will remain in effect past the primary term, as long as the lease continuously produces oil or gas. The lease can however, be revived by virtue of delay rentals.
Sodium and sulphur lessee's have the right to renew the lease terms at the end of the first 20-year period and every 10-year period after that. [4] Coal and oil shale leases are generally for 20 year periods, while oil and natural gas leases are generally for 10 year periods. [5]
Am I eligible for heating and utility bill assistance in Bucks County?
Most oil and gas commissions make API numbers (and well header data) available on-line and free of charge. The ability to download the data varies from state to state. Below is a list of the 50 states, along with their state code, and the name and internet address of their oil and gas regulatory agency where available.
The truth of the matter is the natural gas industry in Pennsylvania is already taxed multiple times over. Not only are the companies subject to the state’s regular business and corporate taxes ...
Gasoline prices set to drop statewide after the New Year, but will Bucks County drivers benefit?