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Friday, January 22, 2010

DuBois Offered $500. Per Acre For Gas Lease On City's Watershed Property

DuBois looking at gas lease for watershed property
Courier Express
DuBOIS - Questions about a proposed five-year Marcellus Shale gas lease between the City of DuBois and Carrizo Oil & Gas Company were answered Thursday.

Drilling will start later this year on 2,000 acres on the city's watershed property in Union Township.

The city will get about $500 per acre - about $1 million - for leasing the land 15 percent in royalties on gas collected.

Phil Corey of Carrizo Oil & Gas said the company is a mid-level, publicly traded company founded in 1984 by former Shell executives. Corey said the company has grown extensively because of its drilling efforts in the Barnett Shale region in Texas.

"To date, throughout Pennsylvania we have about 235,000 acres under contract. We have drilled one well which is pretty close, over by Osceola Mills, and three more in northeast Pennsylvania and five in West Virginia," Corey said. "2010 will be our big year; we have on budget 12 wells scheduled for Pennsylvania alone."

John Hamilton of the state Department of Environmental Protection said that with the department's reduced staff, a representative won't likely make it to the drilling site during the entirety of the project but will make some checks. More...

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