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How many wells has OVE drilled in Northeast Ohio?
We have drilled over 180 wells. Our management team has been instrumental in the development of over 1000 wells.
Do you fund your own drilling or do you have outside investors to raise the money needed?
We fund our wells with 100% of our own money. In some cases we do joint ventures with other operators, but we never seek investors for our wells. We are in the business of owning and operating wells. We do not promote or syndicate wells.
Do you own a drilling rig?
We purchased our own drilling rig in 2005. It has become increasingly hard to find available drilling contractors in Ohio, so we started our own drilling company (Wildcat Drilling LLC) to insure that we could drill our wells promptly while most gas companies are waiting for drilling rig availability.
Do you use a trained geologist to identify your drilling locations?
Bruce Thompson is Ohio Valley Energy’s consulting geologist. Please see Mr. Thompson’s bio in the Key Personnel section.
Will you sell my lease?
We are in the business of owning and operating oil and gas wells, not obtaining leases and selling them to other companies for drilling. In extremely rare circumstances your lease could be assigned to another party, however our standard drilling lease requires your permission to assign your lease.
What type of compensation will I receive?
If you sign a lease, you will receive a drilling bonus at the time the well is drilled. Once the well is placed into production and we begin receiving payments for sales, you will receive royalty payments. If the physical well is drilled on your property, you will also receive free gas for one building on that property. If preferred, this free gas allotment can be converted into an annual cash payment.
Do I have the right to approve the location of the drill site, equipment and access road?
Yes. A Plot Plan is drawn up showing the location of the above items for the landowner to approve before drilling takes place.
Who does the landscaping?
We use the services of professional landscapers on most of our locations, especially in residential areas.
Am I involved in creating the final landscaping plan?
Yes. We pride ourselves in working closely with our landowners to restore their property to their satisfaction.
Do you have the right to come onto my property?
If you sign an “Oil and Gas Lease” or a “Location Agreement” we have the right to come onto your property as needed to take care of the well. If you have signed a “Non-Development Oil and Gas Lease” we have no rights to come onto your property.
What happens if I sell my home?
The “Lease” is a legal document which is attached to your property for the life of the well. If property is sold any future payments due under the terms of the “Lease” will go to the new owner, unless you retain the rights to this income in the sale of the property. This is something to be discussed with the party handling your sale, and would need to be added to your deed.
How will this affect my gas bill?
If you sign a “Non-Development Oil and Gas Lease” your gas bill will not be affected in any way. Only if a well is located on your property will you be entitled to an allotment of free gas directly from the well. |
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