Due to the vast expanse of the Marcellus Shale Formation, CP Royalties is a major buyer of mineral rights and gas and oil royalties in the state of Pennsylvania. In Pennsylvania, the Marcellus Shale Formation lies beneath roughly 64% of the state. It extends throughout a great deal of the state, primarily only missing the southeastern part of the state, as well as a few of the central counties. The Formation is a body of marine sedimentary rock that runs through Appalachia–primarily in Pennsylvania, New York, West Virginia and Ohio. The natural gas in the Marcellus Formation was created throughout millions of years as a result of decomposition, and is now contained in the tiny spaces and fissures in the rocks. This provides many opportunities for purchasing gas and oil royalties and mineral rights in Pennsylvania.