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Thursday, May 1, 2014

Belmont County Looking to Fetch Premium Price for 426 Acres

From Shale Play:
Belmont County just received a $3 million check for leasing the mineral rights to 406 acres of county-owned land, and now county commissioners are looking to lease the rights to another 426 acres at perhaps an even higher rate. 
The announcement came during Wednesday's commission meeting as county officials discussed finances and the need to improve infrastructure in the county to accommodate expected future development. 
"We did sign for 406 acres with Rice Energy," said Commission President Matt Coffland. "The check we received was for $7,500 an acre - for a little over $3 million. We have 426 more acres that we are working on right now to lease out, and we hope it comes out at better than $7,500 an acre. We will use that money as wisely as we did the first $3 million."
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