Northern Michigan Oil & Gas Lease Frenzy
By Stefan Scholl, Northern Michigan Real Estate
(Buyer's Broker of Northern Michigan, LLC)
Record Breaking State Oil & Mineral Lease Auction A potentially huge unconventional natural gas reserve has been discovered in Northern Michigan. This new natural gas play has been dubbed the "Collingwood Utica" shale play, named after Collingwood Shale, which is present in Northern Michigan at varying depths, along with Utica Shale, which is also present at shallower depths. Prompting incredible speculation in local gas, oil and mineral rights leases are reports of a successful natural gas test well in Missaukee County owned by Petoskey Exploration, LLC, a subsidiary of Canadian based natural gas producer Encana Corporation. Oil, gas and mineral leases on land owned by the state of Michigan were auctioned off for a record $176 million in early May of 2010. The average lease price o...