Using data from Oklahoma, a state severely affected by the increase in seismicity associated with injection wells since 2009, we recover hedonic estimates of property value impacts from nearby shale oil and gas development that vary with water source and earthquake exposure. Results suggest that the 2011 Oklahoma earthquake in Prague, Ok, and generally, earthquakes happening in the same county have enhanced the perception of risks associated with production wells but not of injection wells. This is particularly the case for groundwater dependent homes. This suggests that the general public may be mistaking the cause of seismicity induced by shale gas development. Information about the difference between production wells and injection wells as well as their risks should be spread.