Southern Tier gas deal signed over weekend
BROOME COUNTY – Another landowner coalition’s mineral rights lease encompassing property in the Southern Tier was signed over the weekend, this one by Fortuna Energy, Inc. for $5,500 per acre with 20 percent royalties.
The amount compares to a deal signed in June with Hess Corporation and Seneca Resources Corporation that offered $3,500 per acre and 20 percent royalties to a coalition that included 700 property owners in Binghamton and Conklin.
Both deals compare to early on activity just over a year an a half ago when XTO Energy leased 37,000 acres in Deposit at $2,400 per acre for mineral rights and 15 percent royalties.
The Fortuna agreement was with the Friendsville Group, a coalition comprised of more than 35,000 acres in Bradford (Pa.), Susquehanna (Pa.), and Broome counties. There are more than 900 members in the group with more than 1400 total parcels.
According to a new release on the Friendsville Group website, the agreement is “more land protecting and landowner favorable” than most of the gas leases they had previously considered.
Landowners in New York State won’t receive full payment, however, because of a drilling ban in place until the Department of Environmental Conservation completes its environmental review of hydrofraking in subsurface shale formations.
Richard Lasky, president of the Central New York Landowner’s Coalition, said he hoped the deal would “bring us one step closer to some negotiations with gas companies.” The group is comprised of 8,000 acres of land primarily in Chenango and Otsego counties and its lease is completed and ready to go out to bid, he said.
“Maybe this will be the beginning of interest in New York, once the ban is lifted on drilling. The state is $12 billion in debt and we’ve got $260 trillion worth of gas underneath us. I don’t see why they (New York State) can’t see the connection,” said Lasky, a resident of New Berln.
Chenango County Gas Committee member Steven Palmatier of Preston said the lack of the passage of the New York’s drilling regulations in a timely fashion “will continue to impede New York State’s progress in all facets of the natural gas industry.”
The amount compares to a deal signed in June with Hess Corporation and Seneca Resources Corporation that offered $3,500 per acre and 20 percent royalties to a coalition that included 700 property owners in Binghamton and Conklin.
Both deals compare to early on activity just over a year an a half ago when XTO Energy leased 37,000 acres in Deposit at $2,400 per acre for mineral rights and 15 percent royalties.
The Fortuna agreement was with the Friendsville Group, a coalition comprised of more than 35,000 acres in Bradford (Pa.), Susquehanna (Pa.), and Broome counties. There are more than 900 members in the group with more than 1400 total parcels.
According to a new release on the Friendsville Group website, the agreement is “more land protecting and landowner favorable” than most of the gas leases they had previously considered.
Landowners in New York State won’t receive full payment, however, because of a drilling ban in place until the Department of Environmental Conservation completes its environmental review of hydrofraking in subsurface shale formations.
Richard Lasky, president of the Central New York Landowner’s Coalition, said he hoped the deal would “bring us one step closer to some negotiations with gas companies.” The group is comprised of 8,000 acres of land primarily in Chenango and Otsego counties and its lease is completed and ready to go out to bid, he said.
“Maybe this will be the beginning of interest in New York, once the ban is lifted on drilling. The state is $12 billion in debt and we’ve got $260 trillion worth of gas underneath us. I don’t see why they (New York State) can’t see the connection,” said Lasky, a resident of New Berln.
Chenango County Gas Committee member Steven Palmatier of Preston said the lack of the passage of the New York’s drilling regulations in a timely fashion “will continue to impede New York State’s progress in all facets of the natural gas industry.”
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