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County Investment Unlikely In Near Future
|Even the mere promise of horizontal drilling reform in New York aimed at developing a valuable natural gas reserve called the Marcellus Shale has recently resulted in a great deal of investment farther east along the state's Southern Tier.|
But it remains to be seen when, if ever, it will be economical for energy companies to access the rich Marcellus Shale farther west in Chautauqua and Cattaraugus counties, where the 400-million-year-old rock formation begins to thin out.
Press reports filed in Binghamton tell of energy companies offering property owners $2,500 an acre for mineral rights - 10 times the going rate only a few months ago - in addition to 15 royalties on all gas production.
The investment has been spurred by a measure that until Monday was only in the works - a measure aimed at easing the restrictions on horizontal drilling in New York, a practice that makes it possible to access the Marcellus Shale.
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