Financial experts ready to assist landowners
NORWICH – NBT Bank of Norwich recently purchased advertisements in a handful of Southern Tier newspapers that target property owners who have or will be receiving bonus payments and royalty payouts from natural gas companies.
The new marketing strategy is in response to the increasing number of successful wells being drilled and the new customers who could be served by any number of NBT’s branch offices.
“There is a need for these folks who are potentially coming into some money, in many cases coming into some substantial money for the first time in their lives,” Trust and Investment Division Senior Vice President Timothy Handy said.
The bank hasn’t modified its products or services to meet any defined forecast of how the natural gas industry will impact the region’s economy, Handy said, but rather has recognized that some property owners may need advice.
In mid-September, Nornew, Inc. announced large natural gas finds in the Herkimer formation within wells drilled at two sites in Chenango County. Both wells are currently producing a million cubic feet per day, or nearly $8,000 based on market prices. An annual profit for landowners of about $340,000 per well far exceeds the county’s average per capita income of $25,533.
The entire Appalachian River Basin from eastern Ohio, West Virginia, Pennsylvania and south central New York has attracted the attention of national and international energy companies seeking to stake their claim on the highly-prized and little tapped Marcellus Shale formation. Experts anticipate the strata could contain up to 7 million cubic feet of natural gas and would add $1 billion over the next two years to New York State’s economy alone.
Peter Smith, a managing director at the Norwich branch office of Wachovia Securities, said the world’s current financial meltdown will no doubt push off immediate plans for natural gas production in New York, but not in the long term.
“Over time, natural gas should be a great thing around here. It would be great for Chenango County and the U.S.’s energy independence should be the goal. It’s grim at the moment, but we’ve lived through tougher times than this,” he said.
Handy said NBT Bank’s branch offices in Pennsylvania, Binghamton, Deposit and Hancock have opened some accounts for new customers and offered professional advice on estate planning. The bank offers a diversity of investments opportunities, he said, depending on a client’s time horizon, tolerance for risk and need for liquidity.
“We certainly are suggesting to these folks that they get advice from their own attorney and not relay on information exclusively from the gas company. They also need to speak to their tax advisors about the tax implications, and set aside some amount to ultimately pay that tax when it’s due,” he said.
The new marketing strategy is in response to the increasing number of successful wells being drilled and the new customers who could be served by any number of NBT’s branch offices.
“There is a need for these folks who are potentially coming into some money, in many cases coming into some substantial money for the first time in their lives,” Trust and Investment Division Senior Vice President Timothy Handy said.
The bank hasn’t modified its products or services to meet any defined forecast of how the natural gas industry will impact the region’s economy, Handy said, but rather has recognized that some property owners may need advice.
In mid-September, Nornew, Inc. announced large natural gas finds in the Herkimer formation within wells drilled at two sites in Chenango County. Both wells are currently producing a million cubic feet per day, or nearly $8,000 based on market prices. An annual profit for landowners of about $340,000 per well far exceeds the county’s average per capita income of $25,533.
The entire Appalachian River Basin from eastern Ohio, West Virginia, Pennsylvania and south central New York has attracted the attention of national and international energy companies seeking to stake their claim on the highly-prized and little tapped Marcellus Shale formation. Experts anticipate the strata could contain up to 7 million cubic feet of natural gas and would add $1 billion over the next two years to New York State’s economy alone.
Peter Smith, a managing director at the Norwich branch office of Wachovia Securities, said the world’s current financial meltdown will no doubt push off immediate plans for natural gas production in New York, but not in the long term.
“Over time, natural gas should be a great thing around here. It would be great for Chenango County and the U.S.’s energy independence should be the goal. It’s grim at the moment, but we’ve lived through tougher times than this,” he said.
Handy said NBT Bank’s branch offices in Pennsylvania, Binghamton, Deposit and Hancock have opened some accounts for new customers and offered professional advice on estate planning. The bank offers a diversity of investments opportunities, he said, depending on a client’s time horizon, tolerance for risk and need for liquidity.
“We certainly are suggesting to these folks that they get advice from their own attorney and not relay on information exclusively from the gas company. They also need to speak to their tax advisors about the tax implications, and set aside some amount to ultimately pay that tax when it’s due,” he said.
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