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Wednesday, May 5, 2010

Sale Brings Big Bucks To Schools & Townships

Sale Of Gas Rights Means $380,000 To Schools, Twps.

gasflame1-294x300A report issued by the Potter County Recorder of Deeds summarizes the distribution of more than $380,000 coming to many of the county’s school districts and townships as the result of a big natural gas deal. In a transaction that closed last month for more than $38 million, Triana Energy LLC acquired oil, gas and mineral rights on properties in 10 Potter County townships.

The transaction is subject to a one-percent real estate transfer tax split in half by school districts and municipalities. At least one other large-scale sale is expected to close in the coming weeks, delivering similar revenues to schools and townships.

As a result of the Triana deal, Coudersport Area School District will receive $139,000. Smaller checks are coming to these school districts: Port Allegany, $28,400; OswayoValley, $10,900; Northern Potter, $10,000; and Austin, $1,800.

Eulalia Township will get $48,300. Other checks are coming to the townships of Summit ($40,200), Sweden ($40,700), Roulette ($28,400), Clara ($10,900), Hector ($8,300), Homer ($4,300), Allegany ($2,000), Bingham ($1,700), Wharton ($980), Keating ($807) and Coudersport Borough ($531).

According to Recorder of Deeds Gary Kelsey, the transactions were subject to the real estate transfer tax because they are conveyances of oil, gas and mineral rights. The same tax does not apply to the leasing of rights.

Triana Energy formerly owned and operated Columbia Natural Resources, until its sale to Chesapeake Energy in 2005. The seller is Hanley & Bird Inc., a family-owned producer and distributor of natural gas with roots in Bradford.

17 comments :

Anonymous said...

Let us hope the schools and townships put this in a fund that must be voted on for the use of it. Big money coming and big money will be gone if not dealt with wisely.

Anonymous said...

Just another example of money starting to flow once again in Potter County. There will be much more to come.

Gas

Anonymous said...

Clara TWP, Why not use some of that 10,900 and do some DUST CONTROL on the Roulette side of Fishing Creek Road? Eating dust all summer is really getting old.

Anonymous said...

I believe the Clara Tshp. share should not be spent. Let the residents vote on when and how to use it. If ya built on a dirt road what do you have to complain about? DAH

Anonymous said...

Um, DAH? They used to brine the dirt road for dust control, but stopped. DUH?

Anonymous said...

Clara TWP doesn't have time or money for dust control. They are too busy grading stones into my lawn and grading my sod into the road...

Just Makes Ya Laugh

Anonymous said...

DUH....Brine? Now that's good for the habitat...by the way...was the road dirt when ya moved there or built???

Clara TSHP. loves to grade the roads...the make the dirt roads almost a 3 lane and then narrows to a 1 1/2 lane when the black top starts....

Anonymous said...

was the road dirt when ya moved there or built?

Well as a matter of fact it was, but also the traffic was only about 15 cars per day, not the 200 plus we have now.

Clara skirts their responsibilities by not providing dust control. Period.

Anonymous said...

So where are all the "Nobody local will prophit from the Marcellus play" people now????
Every single person in these school districts will gain,and this is just one small example!
DAMN TREE HUGGERS!!!

Really? said...

Since when is a "real property" tax charged on "rights" and not "real estate"? Have never heard of this tax being on anything other than LAND!

Anonymous said...

We are being paid to destroy our own county!!

Anonymous said...

@ Anonymous May 5, 2010 4:19:00 PM,

Have ya looked out your window lately? Trees is about all ya got here. What's wrong with hugging them?

Anonymous said...

I am afraid of what this county and others will be like in 10-15 years when they are done?? It is scary , look at what happened in some of the other states that had drilling ~I'm with NY ~let's hold it for now! Money is the root of all evil!!

Anonymous said...

Hey 5:12 I'm sure you think you're clever and brilliant but the oil, gas, and minerals are another (seperate) estate therefore subject to transfer tax. By your tone I'm guessing your against gas development but you are not informed (ignorant).

Anonymous said...

Awesome! maybe they'll finally teach the kids around here how to read and write...just think they'll be able to properly form their own wills when their dying of cancer at age 45!!

Yaaayyyy

Anonymous said...

If Penna is the only state NOT to tax gas because "it will be a hardship" on the drillers. When then is the gas put in a national pool (like elec) and sold off. "Tax Free" gas from Penna for the "gas bank" is just making billions more profit for the gas industry.

Anonymous said...

Can't wait for this!

http://vimeo.com/4680635