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Friday, January 18, 2013

BP Walks Away From Leases With Nearly 200 Trumbull County Landowners

From the Tribune Chronicle:
BP America Production Co. has opted not to lease minerals on more than 4,000 acres in Trumbull County, releasing nearly 200 property owners from their signed contracts.
The decision was made after BP completed its research on the property deeds and found legal issues that could not be overcome on these properties, according to Curtis L. Thomas, BP's director of government and public affairs in Ohio.
''Upon completion of this due diligence review, in certain instances there were issues with the property, such as situations where the property was under lease by another party, or where there was current production by an existing well,'' Thomas said this week.
The leases in question were part of a March 2012 deal struck between BP and the Associated Landowners of the Ohio Valley (ALOV) for 84,000 acres at $3,900/acre signing bonus and about 18% royalties.  BP stated that they are opting out of about 7% of those leases.

Read the whole article here.

Photo: http://www.globalpost.com/dispatch/news/regions/africa/130116/militants-kidnap-8-foreigners-algerian-bp-oil-station

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