The Curious Case of First Penn Oil & Gas in Noble County, OH

Curious Case of Benjamin ButtonMDN spotted a very brief mention that Noble County, OH signed a lease in February with First Penn Oil & Gas for 6.71 acres of county-owned land for $36,657, or $5,463 per acre. Which on the surface seems like a pretty good deal. We dug some more, having not heard of Penn Oil & Gas, and found that the Caldwell (Noble County), OH School Board also signed a lease with Penn, just a few weeks ago. The school is raking in the dough: terms were $5,400 for 38.6846 acres, or roughly $209,000.

Who is Penn Oil & Gas? They’re not a driller as far as we can tell. Likely a land company, or more pejoratively, a “lease flipper” that will lease the land then turn around and sell the lease to a driller. Who might the driller be that will ultimately inherit those leases? We have a guess or two…

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