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Thursday, April 9, 2009

Seneca Resources Bails Out On State Gas Leases

WESB NEWS--Company Decides Not to Drill on Forest Land

Seneca Resources Corporation has decided it will not sign leases worth $31 million to drill on state forest land in Tioga and Lycoming counties. No reason has been given.

In December, Governor Ed Rendell said he planned take $174 million of the $191 million coming from Seneca and three other companies to help fill a shortfall in the state's budget.

Rendell's press secretary Chuck Ardo says the administration is waiting to see whether ExxonMobil, the second-place bidder, wants to exercise its option before deciding what to do.

16 comments :

Anonymous said...

And away they go!Can we think of any other ways to drive an opportunity out?Incentives....Incentives....Incentives!

Anonymous said...

This is nothing more than a market-based decision. Prices have been stagnant.

Anonymous said...

Agree with 5:15. They will be back when the market turns around. The gas isn't going anywhere.

Anonymous said...

wanna bet!

Anonymous said...

Can't come back to leases you no longer have.If it was just about the market they would have kept them!

Anonymous said...

uh yeah i do wanna bet. what should we bet.

it's not profitable for them to do this right now so they are taking a calculated risk that exxon will pass on the leases as well. it's the way things are supposed to work. our government isn't supposed to subsidize these companies with incentives. i would bet the people that are going to complain about government driving these companies away are also complaining about government bailouts. can't have it both ways.

Anonymous said...

Keep your high hopes.The Boon is about to be a bust.Everyone was trying to get a hand in their pockets before they could even start.Lets not forget those trying to protect us to the point of being regulation insane.Then there are those using this for political fame and gain.Great place to try and do business,back to someplace sane they go.You know,someplace where the huge boost to the economy is enough without taking a bite of the profits to boot.

Anonymous said...

8:06 pm

what are you basing your facts on?
I work for an oil and gas producer
and sad but true, your theory is incorrect. sorry ....

Anonymous said...

8:45:00 You bet ya!

Anonymous said...

well guys.....the problem with picking up and moving to somewhere else more business friendly is that the somewhere else doesn't have the resource!!!!! let's use our brains.

Look i'm not saying are brilliant people in harrisburg couldn't screw this up. they can. but the recent back down is based on market conditions. do you timber when wood prices are at an alltime low??????

Anonymous said...

People - we've known about the marcellus shale for 50 years and have had the the ability to go after it (via frac and horizontal drilling) for at least 15, but no one showed much interest because prices were low.

And then 3 yrs ago prices go through the roof and everyone is up here leasing rights etc. Price goes back down and some of the folks now decide to wait. It's the way the market works. Sure new regulations, etc may make it tougher for them, but if the price for nat gas goes back up they will be back.

Anonymous said...

Exxon has operations in the middle east, africa, and siberia. Talk about unfriendly business environment.

If there is money to be made the oil and gas companies will be here.

Anonymous said...

They can't make money in northern Pa.Low prices are bad enough,but then you throw in everyone with their hand in your pocket and all the green groups pushing their agenda,and any chance for profit is gone.Try and REMEMBER most of the drilling in our area is not for the Marcelles,and shallow gas margins are tight.When everyone starts "dipping in" in anticipation of the "Big Play" the small, shallow producers take a bath.

Brother Nature said...

Awesome!! another drink of water and breath of fresh air saved!!!

Go Planet Earth!!!

Anonymous said...

Brother Nature what do you do for a living ?? I am all for drilling if it is done right.You must not have a clue what drilling has taken place in Potter and Tioga since the late 50's.

Brother Nature said...

This has absolutely no bearing on what I do. They have drilled without caring for yers and now they want to drill more holes and pump hundreds of thousands o f gallons off water into the holes that comes out filled with contaminants. It must not be allowed!! Help save the Earth!!! Save as much energy as you possibly can and it won't be so critical for them to drill.