Marcellus and Utica Opportunity!
80+/- net mineral acres out of 240+/- gross acres in Hector Township, Potter County, Pennsylvania. The Owner signed a 14%, market enhancement lease with Greylock in 2022. This acreage is currently HBP (held by production) due to other parcels on the lease being in the Greylock—Ron Unit. This lease has a pugh clause. The current owner receives annual delay rental payments—per acre, per year for non-unitized acreage until 10 years have passed (see chart as amounts vary per year), Greylock drops the lease or everything is drilled up. The new owner could receive the remaining $68,000 in delay rental payments over the course of this lease.
Greylock and JKLM are both active in the area.
Greylock is getting ready to turn the Ron wells on! North of this acreage, Greylock recently leased 500+/- acres to the west of the Ron Unit.
Just south of this acreage is the JKLM—Judson Hollow Unit. The JKLM– Judson Hollow 3HU Utica well is currently averaging 4.43 MMcf/d. Two additional wells are drilled and awaiting completion. JKLM also has an inactive Marcellus test well on this pad.
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Property Agent
Bill Smith
- Phone Number:
- 724-933-1311
- Email:
- wsmith@cx-energy.com
-
Tagline:
80+/- Net Mineral Acres
Potter County, PA
Hector Township - Address: Hector Township, PA, USA
- State: Pennsylvania
- County: Potter County
- Township: Hector
- Net Mineral Acres: 80+/-
- Unitized: Yes/No
- Well/Unit Name: HBP by Ron but not in Ron
- Lessee Name: Greylock
- Lease Date: 10/17/2022
- Primary Term: HBP
- Extension Term: HBP
- Royalty Rate: 14%
- Royalty Type: Market Enhancement