Saturday, December 14, 2013

Belmont County Makes Plans for $3 Million Lease Bonus Payment

From The Intelligencer/Wheeling News-Register:
Earlier this year, Rice Energy paid about $100 million for Utica Shale natural gas leases to Belmont County property owners over a period of just a few days.
Now, Belmont County commissioners are expecting a payment of more than $3 million from Rice, thanks to the $7,500 per acre lease they signed in September for 406 acres of land. Although the amount is significant, the county could realize a steady stream of income for many years because the lease calls for Rice to pay 20 percent of production royalties to the board of commissioners.
"The money has not come in as of yet and we don't expect to see it for a few more months," said Commission President Ginny Favede. "We would like to invest more of our dollars into road improvements and debt reduction."
Read the entire article by clicking here. 

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