Welcome to uticamineralowners.com. If you own mineral rights in Summit County, Ohio then you may be sitting on a proverbial gold mine. Your mineral rights are sitting on one of the largest deposits of oil and gas in the world called the Utica shale formation. You could have future royalties coming to you or the ability to sell for a lump sum to an interested buyer based on the area you own minerals.
We have created a guide to help you understand the production in the area. Below you will find well information in your region helping to educate you on the value of your minerals.
Average Oil and Gas Wells in Your Area
The Utica formation produces large quantities of oil and gas over 59 counties in Ohio. Here is a breakdown of a typical oil and gas well in your area since the inception of horizontal drilling in the Utica formation:
There have been 3,100 wells drilled in the Utica formation with an average daily gas production of 2,251 Mcf per day and oil production of 19.41 barrels per day. Additionally, the cumulative amount of gas produced from each well on average is 2,387,238 Mcf and average cumulative oil is 31,912 barrels.
The average well in the Utica shale region generates approximately $189,995.18 a month based on average oil prices of $60 per barrel and $2.25 per Mcf gas pricing.
Future Royalty Calculator
Want to know what you could receive each month in royalties some day? Use our royalty calculator to find out what potential royalties you may receive one day. Numbers below are based on current market conditions and may fluctuate:
The calculator above figures your potential average monthly royalties based on average wells in the Utica formation.
What are My Minerals Worth In Summit County?
There are many variables involved with valuing mineral rights like commodity prices, location of mineral rights and activity in the area. In general, offers for acreage having a current oil and gas lease in this area tend to be worth much higher than unleased acreage. Buyers tend to view unleased acreage as less desirable since operators in the area have no plans to drill on your acreage in the near term.
For a better idea of what your minerals are worth:
Are you Receiving royalties?
Let’s start by telling us how much your receiving each month in royalties:
You can expect an offer around the estimate above from a typical mineral buyer based on your stated royalties. Buyers will pay an average of your monthly royalty checks multiplied by 50.
Not receiving royalties
Unleased acreage can be below $500 an acre to $3,000 an acre depending on location. Acreage leased but not in production can be anywhere from $500 to $5,000 an acre based on activity in your area and production nearby.
In the end your minerals are only worth what someone is willing to pay for them. The only way to get an exact figure for what they are worth is have buyers place an offer. We recommend contacting The Mineral Market as they have thousands of buyers who may be interested in making you an offer. It’s free to list your minerals and you pay nothing to sell your minerals.
WANT MORE INFORMATION ABOUT YOUR MINERALS?
Fill out the form below and we can go over any questions you may have regarding your mineral rights within 24 hours.
Numbers indicated above are based on average well figures for
producing horizontal wells in the Utica
formation as of 2019. Common factors including decline curves, commodity
prices, new drilling technology and engineering techniques, etc. can skew
estimated royalties and value of your mineral rights.