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Wednesday, April 1, 2009

Fortuna Energy Not Renewing NY Drilling Lease Contracts

Gas company cools to Marcellus drilling

By Tom Wilber • twilber@gannett.com
Star Gazette

Fortuna Energy is letting go of contracts to the Marcellus Shale in Tioga County(NY), raising a new twist to the natural gas prospecting that reached fever pitch last spring.

Officials at Fortuna cited a poor economy, depressed natural gas prices and unresolved regulations in New York State as reasons for opting out of contract extensions for rights to the Marcellus Shale, a rich gas reserve running under the Southern Tier and throughout Pennsylvania.

"We can't go forward with this because of factors outside of our control," said Mark Scheuerman, a manager of legal affairs for Fortuna, based in Elmira.

Terms of the contracts differ, depending on negotiations between individual landowners and Fortuna.

What they have in common: They are intended for Marcellus development; they are set to expire this year. More...

12 comments :

Anonymous said...

Can everyone see a pattern emerging here?Drive them out before they can even start.They will just pull up and move on to a place that welcomes the opportunity.Just once,why can't we give them a reason to move here?

Anonymous said...

They'll be back when it's worth their while....the gas isn't going anywhere... it's like money in the bank.

Anonymous said...

It is sad. Nobody wants change. Well they will get it once all that is up in this area is "touristy" stuff and there wont be any good jobs around anymore.

Blake said...

You can thank the government for that!

Anonymous said...

this will be just like the windmills the first thing state and local govt. does is to figure out every possible way to tax them.

Anonymous said...

the "touristy" stuff and natural gas exploration do not have to be mutually exclusive.

in fact, i don't think it's tourism versus natural gas drilling at all. i think it's natural gas drilling vs clean water. gotta be a way to do both. but don't cite texas as an example. i lived down there. clean water is not overly abundant down there.

Anonymous said...

It's a desert,clean water?Any water?Drilling in this part of the state has been going on for decades.Hows your water?

Anonymous said...

There is quqite a bit more water in PA and NY than there is in Oklahoma and they are all doing quite well.....and making money white people up here are bitching and fighting progress.

Anonymous said...

5:30 poster. my water is great. totally agree with your point.

but i think the cause of concern is that new drilling methods may be more sinister on the watersheds. may not be able to draw comparisons to the drilling done 50 yrs ago.

Brother Nature said...

No drilling and fracking....it is killing out planet by poisoning the water. We are responsible for taking care of the Earth.

Anonymous said...

How's your water Brother?Been fracking shallow wells in this area since before you were born.....Use just as much water because they drill 10 times as many wells.It's only "NEW"to you and the rest of the nuts.

Anonymous said...

Wow. This is neat.An energy company having a hissy fit because it is being asked to act responsibly! And we are expected believe they are acting in the best interest of the people of this state.Fortuna will buy off a few more of our legislators in Albany and then they will be able to frac their wells with any poison they care to use.Watch and see which of the legislators become Fortuna's cheer leaders.Care to bet on Winner and Omara?