Ohio is not a late comer to oil and gas exploration, and now can lay claim to having a piece of some of the largest gas reserves in North America.
From Wikipedia, “The petroleum industry in Ohio dates from 1859. Ohio continues to produce significant quantities of oil and gas, having produced more than 1 billion barrels of oil and 9 trillion cubic feet of natural gas since 1860. Unconventional resources, primarily in eastern Ohio, are likely to increase production in Ohio.
In late 1859, blacksmith William Jeffrey drilled the first well in Ohio specifically intended to produce petroleum. This well is located in Mecca Township, Trumbull County, northeast of Warren. In 1860, similar activity occurred in Macksburg.”
In more recent years, the Marcellus and Utica zones have demonstrated tremendous potential. These zones require massive fracture treatments after being drilled horizontally to maximize production. However, with all of these zones being developed with expensive horizontal drilling and huge fracks, well economics can become challenging during oil and gas price downturns. Many wells in the past that penetrated oil and gas reserves have been plugged and abandoned because they weren’t economic at low prices. We stand at such a time, when mineral buyers and sellers, and oil and gas operators, don’t have a crystal ball to view the future of our industry. Many of us have lived through long downturns, and have minerals that were worth significant amounts of money for a season, only to see those minerals lose much of their value as the industry cycled down.
As you evaluate your overall financial position as it relates to the question of selling some portion of your minerals, we would welcome the opportunity to work with you. You will receive personal service as we research your mineral values, and promptly inform you of our offer. It all starts with you filling out our assessment form.
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Ric and Rachel, Dimmit County, TX
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E.M., Harrison County, Texas