Published 11/06/14 by Jason Barr
Barr, Jones & Associates LLP, released an article discussing “Fracking Legalities!”, if you would like to know more Please continue reading this article below.
Hydraulic fracking does cause earthquakes. It seems to be common knowledge within the oil and gas industry that fracking has caused earthquakes, but the tremors are so insignificant that the events can barely be noticed by seismometers. However, in a new report issued in October of 2014, by the Seismological Research Letter, in September-October of 2013, Harrison County, Ohio suffered over 400 micro-quakes resulting from fracking. Though the quakes were so deep that no damage resulted on the surface, the magnitude of the quakes were between 1.7-2.2.
For those that are not familiar, fracking involves drilling deep, horizontal wells into rock and shale formations containing oil and gas trapped within the formations. Large amounts of fracking fluid are delivered into the formations and the pressure from pumping in these fluids then opens the formations and releases the oil and gas.
It was reported that in March of this year, the Ohio Department of Natural Resources shut down fracking at 7 wells in Ohio due to earthquake concerns. The State must continue to monitor the situation. The environmental safety involved with fracking is a hot topic in Ohio. However, with the huge revenue potential from hydraulic fracking in the Utica shale formations in the Eastern part of Ohio, be assured that fracking is probably here to stay.
If you are looking to lease your oil and gas rights, it is important that you seek and oil and gas attorney/lawyer that not only understands the terms of these leases, but also understands the satellite issues involved with the industry, including potential environmental issues for your property. Become informed. Understand the risks. Learn the legality of the different oil and gas lease terms, so that you can maximize the profitability of transaction and minimize the risks.
For more questions and concerns on this case, we have the experienced lawyers at Barr, Jones & Associates LLP Law Firm.