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Tuesday, October 1, 2013

Belmont County Commissioners Get $7,500 an Acre on Oil and Gas Lease

From the Times Leader:
Belmont County commissioners made progress on several development issues during their Wednesday meeting.
Commissioners motioned to enter into an oil and gas lease with Rice Drilling D, LLC, in the amount of $7,500 per net mineral acre for 406.4426 gross acres for a five-year option to renew, with a royalty of 20 percent.
Commissioners Matt Coffland and Ginny Favede voted to approve. Commissioner Charles R. Probst Jr. was not present, having been called away after proceedings, but had objected to making a decision. He said more time was necessary to thoroughly research the proposal.
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