Whenever oil or gas production begins, the landowner is entitled to part of the total production. A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the Lessee's production costs.

The royalty is paid by the Lessee to the owner of the mineral rights, the Lessor in the Lease. It is based on a percentage of the gross production from the property and is free and clear of all costs, except for taxes. Read more »

Oil prices fell to near $101 a barrel Thursday March 3, 2011 in Asia amid efforts toward a mediated resolution to the conflict in Libya which has cut crude supplies by more than half from the OPEC nation.

Benchmark crude for April delivery was down $1.06 at $101.17 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $2.60 to settle Wednesday at $102.23, the highest settlement since Sept. 26, 2008.

In London, Brent crude for April delivery was down $1.50 to $114.85 a barrel on the ICE Futures exchange. Read more »

Washington County emergency crews were called to a Marcellus Shale drilling site in Hickory, after multiple calls about a possible explosion.

911 dispatchers started getting calls about an explosion on Tuesday March1, 2011 morning.

"We heard a big 'Boom!' It shook our house," Rebecca Skirpan said.

Range Resources denied that there was any sort of explosion. Spokesman Matt Pitzarella said that one of the company's employees was inspecting wells in the area when he saw smoke coming from a compressor station and called 911. Read more »

Oil prices jumped above $99 a barrel Monday Feb. 28, 2011 in Asia as Libya's violent power struggle continued to disrupt crude output in the OPEC nation.

Violent protests in Oman also raised fears political upheaval could impact other crude exporters.

Benchmark crude for April delivery was up $1.51 at $99.39 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 60 cents to settle at $97.88 on Friday Feb. 26, 2011. Read more »