The distance of 27 feet is not going to make much difference as far as noise and traffic, however I would be very very cautious in signing any type of waiver. You need an experienced O&G attorney and landsman advice before signing the waiver.
These types of waivers are used all the time. I agree with Electrodynamics comments. Just be sure the waiver is just for this well, and ask to see a copy of the proposed plat showing the well location as well as the pad.
Here's an idea: Grant the waiver and include the cost of staying in a hotel for the time the well is being frac'd. You probably don't want to be 500' away during the process so take advantage of the situation and make it a win-win proposition for you and the gas company.
I am just going to add to Baron and Parker's post.
Around here you can get the O&G to pay for your hotel room the whole time period of operations (drilling to frac job) Depending on your situations, you may not want to be away from your home for a couple of months.
The waiver will be with the permit to drill that is filed with the DNR along with the plat of the proposed well. So to asking them for the plat before you sign should not be a problem. They are going to drill no matter if they have to move the wellbore 27 feet.
Do you have any idea why they want to drill 473 feet from your house instead of 500?
Be really sure that it isn't a blanket waver to drill wherever they want. i.e. they can't drill the next well on the section 50 feet from your house. Is it the well bore that's 473 feet away, or the edge of the well pad?
Be sure there aren't any other rights attached to the waiver.
Are there any other terms you'd like to get in exchange? For instance, a restriction on where the roads can be, etc.
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