Muskingum Watershed Conservancy District Approves Lease; $40.3 Million Signing Bonus

From the Times-Reporter:
The Muskingum Watershed Conservancy District (MWCD) Board of Directors has approved entering into an oil and gas lease in the Utica Shale region for more than 6,000 acres of its property at Seneca Lake in Guernsey and Noble counties that will prohibit any surface development on MWCD property and add protections to adjacent private properties.
“For nearly 80 years, the MWCD has been involved in leasing its properties for oil and gas development and has been a recognized leader in providing for environmental protections through its strong leases,” said Sean D. Logan, MWCD’s chief of conservation. “With the attention that the Utica Shale has produced here in Eastern Ohio, the MWCD demanded that any leasing of the Seneca Lake region include the strongest safeguards possible and be completed in full view of the public.”
The lease will pay a signing bonus of $6,200 an acre and 20% royalties.  Read the whole article here. 

Connect with us on Facebook and Twitter!

Popular posts from this blog

The Second Largest Oil and Gas Merger - Cabot and Cimarex

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

Is a Strong Oil Demand Expected This Year?