Penn State Ag Sciences Newsline -- September 15, 2009
New Marcellus shale lease may indicate renewed natural-gas rush (:51)
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Suggested Intro:
AFTER MONTHS OF SLUGGISH LEASING ACTIVITY IN THE STATE'S MARCELLUS SHALE REGIONS, THE ANNOUNCEMENT OF A MAJOR NEW LEASE DEAL MAY INDICATE RENEWED INTEREST IN NATURAL GAS EXPLORATION. THAT WORD FROM A PENN STATE EXTENSION EDUCATOR WHO SAYS THE PAY-OFF TO LANDOWNERS COULD CLIMB HIGHER THAN EVER. GARY ABDULLAH HAS THE STORY:
Story:
(:19) FORTUNA ENERGY INC. HAS AGREED TO PAY 165 MILLION DOLLARS -- OR 55-HUNDRED DOLLARS PER ACRE -- TO ABOUT 600 PROPERTY OWNERS IN SUSQUEHANNA AND BRADFORD COUNTIES AND LOWER NEW YORK FOR GAS DRILLING RIGHTS ON ABOUT 30,000 ACRES. PENN STATE EXTENSION EDUCATOR THOMAS MURPHY SAYS THE HIGH FIGURE REFLECTS THE FACT THAT PREVIOUS DRILLING IN THE REGION HAS BEEN VERY SUCCESSFUL:
Murphy Actuality:
(:18) "I THINK THAT SPEAKS TO THE OPTIMISM THAT COMPANIES HAVE LONG-TERM FOR WHAT THE MARCELLUS PLAY WILL DEVELOP INTO. AT THIS POINT IT'S ONLY SPECULATION AS TO WHERE THE PRICES MIGHT ACTUALLY GO, BUT WE'RE CLEARLY SEEING SOME SIGNIFICANT JUMPS IN THE LEASE LEVELS THAT ARE BEING OFFERED TO LANDOWNERS IN THAT PORTION OF PENNSYLVANIA."(:16) MURPHY SAYS BUSINESS OWNERS WHO WANT TO GET IN ON THE MARCELLUS SHALE NATURAL GAS BOOM CAN ATTEND THE CENTRAL SUSQUEHANNA BUSINESS-TO-BUSINESS OIL AND GAS EXPO THIS SATURDAY AT THE LYCOMING COUNTY FAIRGROUNDS. FOR MORE INFORMATION, CONTACT YOUR COUNTY PENN STATE EXTENSION OFFICE. I'M GARY ABDULLAH.
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