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Landowners profit from oil and gas boom

2:43 PM, Nov 1, 2012   |    comments
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  • The garden on Richard Faber's farm produces all sorts of fruits and vegetables, from tomatoes to watermelons.

    Turns out Faber's land is rich in natural gas and oil, at least that was the bet investors were willing to take when they approached him about leasing his mineral rights to them.

    Faber ended up leasing land to Shale Investments for a price: $701,580. But, he says, he did extensive research search before signing a lease and attended several meetings held by companies who were interested in his land.

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    "I became personally acquainted with the leadership of what is now Shale Investments," he says. "I became convinced that this company was being honest with me."

    As companies invest in Ohio, that means new wealth in the state, Ohio State University Extension Educator Mike Hogan says.

    "One of the obvious things you see is a lot more new pick-up trucks. The farm equipment dealers basically are empty. They look like they closed up shop in many places simply because they can't keep stock," he says.

    Ohio's economy stands to gain $4.8 billion and roughly 65,000 new jobs by 2014, according to a study by researchers at several Ohio universities and sponsored by the Ohio Shale Coalition.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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    As for Faber, he says the money he received allowed him to pay off some debt, and he even treated himself to something.

    "I got a new pair of shoes," he says. "To be honest with you, I got them at a discount store."

    WKYC-TV

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