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Wednesday, February 3, 2010

$6,000. An Acre/20% Royalty Deal On 3,000 Acres In NY

Town of Maine landowners sign $18 million natural gas deal
3,000 acres near Millennium Pipeline

By Tom Wilber •twilber@gannett.com
Star Gazette

In a vote of confidence for the future of natural gas production in New York, a Denver company has signed a deal with landowners worth up to $18 million plus royalties for rights to 3,000 acres in the Town of Maine.

Inflection Energy expects to finalize the deal with about 115 landowners in the South Maine Millennium Coalition as it completes title searches and other clerical work in 90 days, said Mark Sexton, CEO with Inflection. The goal: to begin producing gas from the Marcellus Shale, the largest natural gas reserve in the country, extending from the Southern Finger Lakes area through Pennsylvania and parts of Ohio and West Virginia.

Exact terms of the lease will not be publicly disclosed until after the paperwork is finalized, Sexton said. In general, landowners will receive up to $6,000 per acre in lease payments staged over eight years. Those payments would not continue on property with a producing gas well. In that case, the landowner would receive 20 percent royalties, "subject to certain deductions," according to a prepared statement from both parties. More...

5 comments :

Anonymous said...

My family owns over 1,400 acres in Potter County and I am very concerned about the enviornmental impact. Several companies have approached us about leasing, and we are holding back for the time being. None of them can give us enough comfort that the land won't be polluted for many generations growth. I think we are inclined to sit back for 10-15 years to see what happens. We don't need the money now anyhow - so it'll be finer (and perhaps more lucrative) to sit back and let the kids handle the money later. The environmental impact cannot be underestimated.

Anonymous said...

Where is your land located?

Anonymous said...

God Bless you 11:35.

Anonymous said...

I am very excited for families that do own enough land to make a huge difference in their families prosperity. No, we do not own gas/oil rights but still happy for those that do. I also hope the families use the new found wealth in a way that will be there's for years to come and not waste it away. Remember the last oil boom left only a few that used the money wisely wealthy. The others were left with nothing.

Anonymous said...

11:35

Environmental stewardship
Stewardship is an ethic that embodies cooperative planning and management of environmental resources with organizations, communities and others to actively engage in the prevention of loss of habitat and facilitate its recovery in the interest of long-term sustainability.

wise move