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Saturday, September 12, 2009

And You Thought You Had A Good Deal!!!!--Marcellus Shale Coalition Hits The Jackpot

Fortuna Energy agrees to pay $165 million for gas rights; 600 members of coalition to receive $5,500 per acre, plus 20% royalties

By George Basler •
Star Gazette

CHOCONUT, Pa. -- A Horseheads-based company is willing to pay a collective $165 million for the rights to drill for natural gas in about 30,000 acres of the Marcellus Shale.

Fortuna Energy Inc. has closed a deal with The Friendsville Group, a coalition of about 600 property owners, to lease all of the group's acreage in Susquehanna and Bradford counties in Pennsylvania, as well as its land in Broome County, officials with the coalition said Saturday.Under the agreement, Fortuna Energy will pay all of the property owners in the coalition $5,500 an acre for a five-year lease on their property, with a company option to extend the lease for another three years. The company will also pay 20 percent royalties for producing wells. More....


Anonymous said...

WOW!!! Could this Happen in Potter and McKean

Anonymous said...

Could never happen in Potter County, our people could not get along with each other long enough to get to the second meeting.