Marketability of Mineral Rights

Not a whole lot going on in Clinton District – SWN leased some stuff in West Central Clinton in 2017, and a group called Pauley Realty has been taking some leases in that same area, which they clearly intend to flip. Geology is not great, and a very dry gas area. Aside from one unit, drilled by CHK, and now operated by Expand, there has been no marcellus development in Clinton. I would not expect any leasing activity in the area until producers drill of their inventory in more favorable areas. Elevated, prolonged nat gas prices would be a must. There is a fair amount of shallow wells from legacy leases in the eastern portion of Clinton. When you say it has had a lease on it for decades, are you saying shallow wells were drilled and it is paying royalties or delay rentals?

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