Oil & Gas in Pennsylvania – Finally!!
Although the modern day oil and gas industry began over 100 years ago in Pennsylvania, mineral and royalty interest owners in the Keystone State have forlornly watched all these years as their fellow mineral interest owners in nearly twenty other states received the royalty payments year in and year out from the various oil companies.
“It’s just not fair that it all started here in Pennsylvania, but we’ve received so very little from it!” they have collectively moaned!
But that is currently changing – in fact, it is drastically changing as oil and gas companies scramble to develop a gas bearing formation called the Marcellus Shale. This 200 million year old mass of clay (actually several different clays), very fine grain sand and small bits of broken ancient sea shells has always contained massive amounts of natural gas accumulated over the eons from decayed sea life. But economically producing this natural gas has always been elusive until recently-developed technology and higher natural gas prices have proved the ability (technology) and the incentive (higher natural gas prices) to unlock this great resource.
With all of the recent activity and completion announcements, it almost appears as if they are desperately trying to make up for lost time! Many recent Marcellus Shale wells, nearly all drilled as mile-long horizontal drain holes, have tested in excess of 5 million standard cubic feet per day – a very good well in any state! And best of all, at least for the long neglected Pennsylvania mineral and royalty interest owner – time to begin reaping some financial reward from their mineral ownership!