I was recently informed of an inheritance of property in Washington County, Pennsylvania. It is located approx. 3 miles WSW of Burgettstown, PA. in Cross Creek TWP. It consists of 6.4 acres of sub-surface rights. These acres are part of a larger parcel. I've been contacted by Range Resources to lease them the rights to the Marcellus Shale deposits beneath. RR had a private firm track me down. Long story and un-important. But it does beg the question, in my opinion, why spend money to find me if they didn't want the rights pretty badly? Their offer is for $2000/acre and 17% royalties. The royalty payment seems ok. It falls into the middle of what I have managed to find out. However, the RR rep did mention that the Utica and Black Creek deposits are BELOW the Marcellus level and there is a possibility that more wells will be sunk to access these deposits. In my opinion, I believe $2000 is a lowball offer. Should I ask for more? Also, wth is a "landman"? A title searcher/consultant?
Does anyone have recent (within the last 6 months) info on RR leases and how much they were for?
Dave R.1171-OgleveePlatMap.pdf (1.76 MB) 1172-OgleveeTaxMap.pdf (1 MB)