Here’s a story that until now, has flown under our radar. The Akron, Ohio City Council has given initial approval for a deal that will allow shale drilling under (not on) 475 acres of public land located at the La Due Reservoir. The full City Council will vote on Jan. 25 to approve (or not) the deal. We have particulars for how much the city will get in a signing bonus and royalties…
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Just coming to light (for us) is a decision issued by the U.S. Court of Appeals for the Fourth Circuit on Dec. 1, a ruling on post-production deductions by drillers when calculating gas royalties “at the wellhead” in West Virginia. The drillers, in this case, were Southwestern Energy and Equinor (formerly known as Statoil). The drillers won the right to claim certain post-production deductions.
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The Ohio Supreme Court just delivered a decision that affects one particular landowner (and former mineral rights owner), but also has implications for all Ohio landowners and rights owners. And by extension, implications for drillers that pay royalty payments. The Supremes found in Gerrity v. Chervenak that the landowners in the case (the Chervenaks) did enough due diligence when searching for the rights owner who had moved out of the area. The Supremes said the landowner performed the proper steps to reclaim ownership of the severed mineral rights under their land.
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After selling Rice Energy to EQT in 2017, the four Rice brothers, all of whom worked at Rice Energy (and left after the merger), launched a new venture (see Rice Brothers Act II – $200M Marcellus/Utica Investment Firm). Dan, Toby, Derek, and Ryan Rice plus a fifth partner, a former VP at Rice, pooled $200 million of their money (and their expertise) and launched Rice Investment Group (RIG). One of the companies they invested in provides a cool (free) online website for both drillers AND landowners, offering instant valuations for the oil and gas rights along with the location of wells drilled nearby.
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Yesterday Rising Phoenix Royalties (RPR) announced it has purchased the future royalty payments from a landowner in the Utica Shale, in Monroe County, OH. This acquisition is RPR’s third Marcellus/Utica transaction this year.
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Kimbell Royalty Partners, headquartered in Fort Worth, Texas, is a leading buyer of oil and natural gas mineral and royalty interests, owning interests in more than 96,000 wells across 28 states, including wells in the Marcellus/Utica region. Yesterday the publicly-traded company issued its third-quarter 2020 update. We discovered some information about their involvement in the M-U, including the Marcellus in northeastern Pennsylvania.
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Peregrine Energy Partners, headquartered in Dallas, Texas, continues its program to buy royalty payments from landowners in the Marcellus/Utica region. Yesterday the company announced another round of deals, this time purchased from landowners in Greene County, PA, and Guernsey County, OH.
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Peregrine Energy Partners, headquartered in Dallas, Texas, continues its program to buy royalty payments from landowners in the Marcellus/Utica region. The company announced a fourth round of deals, this time purchased from landowners in Tyler County, WW, and Fayette County, PA.
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Peregrine Energy Partners, headquartered in Dallas, Texas, continues a program to buy royalty rights in the Marcellus/Utica region. Yesterday the company announced a deal to buy the rights for 4,755 gross acres in Bradford County, PA for an undisclosed sum. The sellers are private landowners/rights owners (a retired couple) with wells drilled by Chief Oil & Gas.
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Northeastern Pennsylvania landowners who are leased either with Equinor (formerly called Statoil) or Chesapeake Energy met last night in an open-air pavilion at the Wyoming County, PA Fairgrounds. They were there to discuss a lawsuit against Equinor for shorting landowners on royalties, and to discuss Chesapeake Energy’s bankruptcy.
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Last October MDN told you about RealX, the country’s first and largest online property rights exchange (see New Online Service for Buyers & Sellers of Mineral Rights). RealX is for both landowners and drillers who want to buy/sell/swap mineral rights for drilling (or rights to allow solar, wind, even cell towers). RealX has been called the Zillow of mineral rights. RealX has just inked a deal with a large group of real estate agents, expanding the platform’s offering.
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Last Friday a federal judge in Pennsylvania rejected arguments from three Tioga County, PA landowners who claimed Marcellus driller Repsol did not have a right to install a gathering pipeline across their property. The landowners leased their property for oil and gas development and their property now flows gas, for which they’re paid royalties. Even so, the landowners claim Repsol does not have the right to build a pipeline because it flows gas from other properties not part of their unit. Like all lawsuits, this one is complicated, but instructive for landowners (and drillers) when it comes to pipelines and leases.
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A few weeks ago MDN told you about Peregrine Energy Partners buying royalty payment rights from landowners in Doddridge County, WV (see Peregrine Buys Royalty Rights from Doddridge County, WV Landowners). We have another purchase by Peregrine, this time in Monroe County, OH. Plus a similar company that buys royalty interests has made its second such acquisition in the M-U–in Washington County, PA.
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Back in 2012 Gulfport Energy drilled a pair of exceptional Utica wells in Belmont County, Ohio–both on the same pad. The first was the Shugert 1-1H which had an initial production (IP) rate of 20 million cubic feet of natural gas per day (Mmcf/d). It also produced an initial 144 barrels of condensate per day, and 2,002 barrels of natural gas liquids per day (see New ‘King’ of Utica Wells? Gulfport Shugert Well @ 20 Mmcf/d). The second was the Shugert 1-12H well, with an IP rate of 28.5 MMcf/d (see Gulfport’s New Utica Well Produces Mind-blowing 28.5 Mmcf/d!). Somewhere along the way, the Shugert family claimed Gulfport was making post-production royalty deductions it should not have taken.
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Peregrine Energy Partners, headquartered in Dallas, Texas, continues a program to buy royalty rights in the Marcellus/Utica. Peregrine announced yesterday the company has cut a deal to buy “producing royalties in Doddridge County, West Virginia from several private sellers.” The private sellers are landowners/rights owners with wells drilled by Antero Resources and Jay-Bee Oil & Gas. No details on how much the deal was for.
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CBS News, an ultra-biased mainstream media news outlet that we don’t typically watch or read, is publishing a series of articles on the effects of COVID-19–how it has changed the lives of average Americans. In a somewhat unusual twist, CBS focused on landowners in southwestern Pennsylvania who leased property for shale drilling. How has COVID impacted them? CBS interviewed several landowners who have seen their royalties drop like a rock over the last year–down some 75% from just a year ago. While CBS doesn’t say COVID is responsible for all of that drop, they do theorize it has contributed. Has it? Or is something else responsible for the huge drop in royalties?
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