Valley residents have plenty of questions when it comes to drilling the Utica and Marcellus Shale for natural gas and on Tuesday, the law firm of Harrington, Hoppe & Mitchell hosted a seminar to offer some legal answers.
Approximately 250 people gathered at the Dutch House Restaurant in Columbiana to get advice concerning the natural gas boom. Lawyers said land owners need to take their time when leasing mineral rights to companies wanting to drill the Utica and Marcellus Shale.
"This is a huge matter. The values and dollar amounts we're talking about with these leases and this exploration and development exceeds what we used to think of as the whole value of the property," said attorney Alan Wenger.
Many residents know there's money to be made, but did not realize how to best protect their interests.
"I learned a great deal. I think I need to have legal counsel as I go forward with this as well as other consultants involved," said land owner Clyde Gaston.
The lawyers said it's important to know if your mineral rights are already leased, understand the difference between leasing and selling them, and be aware of your tax liability.
"There's a lot of activity in the area in terms of gas and oil leasing and the answer to the whole circumstance is to do your homework," said land owner George Payne.
Once you sign a lease, it is recommended you turn your focus to the money it will bring in and how to invest it and protect it.
"The consumer, the landowner, needs to go slowly, carefully before jumping at some offer. Get independent advice, get referrals," Wenger said.
Wenger believes joining a larger landowners group could also help you get a better lease.
