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Oil and gas company seeks BOE mineral rights

July 18, 2013

PARKERSBURG — An oil and gas company is seeking to lease the mineral rights from the Wood County Board of Education....

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(6)

Geezer

Jul-19-13 3:46 AM

Cabot Oil and Gas' operations in Pennsylvania have the worst violation record of all companies involved in Marcellus drilling. Thus far, their 463 wells have been cited for 449 fracking violations with fines totaling $4,682,776.

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RANDOM21

Jul-18-13 1:05 PM

Typical pool for drilling is @640 acres. The royalties would be roughly .012% of production after expenses. Not going to get rich off of that. It's roughly $120 for every $1,000.000 of production after expenses. Whoopee, we be the Clampetts. Gonna get a cement pond out back.

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pburghike

Jul-18-13 12:04 PM

It's a half acre. It's not like hitting the lottery. And if one checks, they'll find that Cabot has secured a very large number of mineral rights in that particular area. The Board certainly doesn't have to agree to the offer, but their refusal will certainly not stop Cabot from drilling. And FYI Cabot is a $1 Billion company based out of Houston Texas and is one of the largest oil and gas producers in the world.

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fourtwenty

Jul-18-13 11:22 AM

Cabot is trying to rip them off. Typical going rate for oil and gas lease. AT LEAST $3,000 an acre and 18% royalty. Source? It's my job.

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treez2

Jul-18-13 9:45 AM

They should hold out for a much better deal. A better deal will be available later. This Cabot group sounds like a small outfit who offers low prices, only to later sell the rights to a larger company who gives better prices, thus making a profit. That's the American way, but I'd rather have the better offer myself. So should the school board. Too what are they going to do when approached later about all the other pieces of property they have laying around the county?

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MisterT

Jul-18-13 7:22 AM

Maybe this could help pay for the stadium repairs? Just a thought. :')

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