Re: OT: gas leases

Posted by mjbrown on November 11, 2005 at 16:27:10 from (64.179.14.74):

In Reply to: Re: OT: gas leases posted by Paul Allen on November 11, 2005 at 15:01:56:

We signed one last year. They were all exited about the results
of seismic survey they had done. They drilled two wells a few
miles away down to about 8000 ft. and found gas but not the
huge amounts they were hopeing for. They left and haven't
returned.
Here in NY the leases and environmental stuff is tightly
regulated by the DEC and the AG has jumped on them when he
didn't like the lanquage in a few leases. It depends on your state
how protected you are.Our lease expires in ten years. Royalties
are 12.5% and 200,000 cu/ft per year for the land owners use.
After the well is no longer producing comercial quantities of gas
the landowner can use the production for himself but becomes
resposible for closing the well if it stops completely.

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