at the Citizen Power Alliance 2010 Wind Conference
Leases for gas drilling aren't 'lottery tickets'
|LAKE HUNTINGTON — If anyone thinks gas drilling is just another development scheme, think again. Natural gas companies have already leased more than 5,000 acres of land in Sullivan County, according to the county's planning division — with tens of thousands more acres in the works.|
Cashing in on the gas rush - and ensuring that drilling doesn't ruin Sullivan's green spaces and pristine waters - are why a packed crowd of more than 300 turned out for Tuesday night's forum on gas exploration and leasing, sponsored by the county's planning department, Cornell Cooperative Extension and the farm bureau of Chenango County, where drilling has already begun.
At stake for a landowner with 100 acres: More than $600,000 per year in royalties and the condition of that land for generations, according to former oil industry geologist Don Zaengle and other experts.
The bottom line: Seller beware.
"Gas companies will try and cheat a landowner in 1,000 different ways," said James Leonard, an Endicott accountant specializing in the gas industry. "It all comes down to the lease."
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posted by CITIZEN POWER ALLIANCE at 2:14 PM - permanent link
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