Penn State Ag Sciences Newsline -- October 20, 2009
Pennsylvania landowners get big advances as Marcellus shale bidding escalates (:51)
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Suggested Intro:
A QUIET BIDDING WAR HAS DOUBLED THE PRICES BEING OFFERED FOR MARCELLUS SHALE LAND LEASES IN PENNSYLVANIA, AND EXPERTS IN PENN STATE'S COLLEGE OF AGRICULTURAL SCIENCES SAYS LANDOWNERS CAN PROFIT FROM THE COMPETITION. MORE FROM GARY ABDULLAH:
Story:
(:18) THE TROUBLED ECONOMY MAY HAVE SLOWED DEVELOPMENT OF MARCELLUS SHALE NATURAL GAS, BUT ENERGY COMPANIES SEEM TO BE RETURNING TO THE STATE WITH A VENGEANCE. PENN STATE EXTENSION ECONOMIC DEVELOPMENT SPECIALIST JOANN KOWALSKI SAYS THE PROVEN PERFORMANCE OF EXISTING WELLS HAS COMPANIES COMPETING TO LOCK UP PRIME PROPERTIES IN THE STATE'S NORTHERN TIER:
Kowalski Actuality:
(:19) "WORD HIT THE STREET ABOUT SEPTEMBER 12TH THAT FORTUNA ENERGY WAS GOING TO BE PAYING 55-HUNDRED DOLLARS PER ACRE WITH 20 PERCENT ROYALTIES FOR PRODUCING WELLS. THAT WAS PROBABLY ABOUT TWICE THE RATE THAT HAD BEEN OFFERED UP TO THIS POINT."(:16) NO ONE KNOWS HOW HIGH LEASE RATES COULD GO, BUT KOWALSKI SAYS THERE MAY NOT BE MUCH UNLEASED LAND LEFT TO BID ON. YOU CAN FIND FREE INFORMATION ON NATURAL-GAS LEASING AND EXPLORATION ONLINE AT NATURAL GAS DOT EXTENSION DOT P-S-U DOT E-D-U. FROM PENN STATE, I'M GARY ABDULLAH.
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