Town of Maine residents getting $3 million for gas rights
Posted by CITIZEN POWER ALLIANCE at 9:32 AMA 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.
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