A Colorado company is paying 130 Town of Maine residents about $3 million for a jump on Marcellus Shale development in Broome County.

While regulatory and environmental uncertainty has stalled Marcellus Shale prospecting in New York, Inflection Energy has issued checks to finalize a deal to lease 3,000 acres for natural gas drilling.

The area falls generally between Pollard Hill and Twist Run Road roads north to south; and Farm to Market and Edson roads east to west.

The deal, announced in February, calls for $6,000 per acre over eight years. About 130 residents with more than 3,000 acres have begun receiving checks for the first year's payment of $1,000 per acre, said Robert Wedlake, a lawyer with Hinman, Howard & Kattell representing the group, called the South Maine Millennium Coalition.

(Click to read the entire article)

0 comments:


Blogger Template by Blogcrowds


Copyright 2006| Blogger Templates by GeckoandFly modified and converted to Blogger Beta by Blogcrowds.
No part of the content or the blog may be reproduced without prior written permission.