Allegheny Co Exec Bests Range on Deer Lakes Park Lease Deal

In December MDN told you that Allegheny County, PA was close to a deal with Range Resources to all drilling under (not on) Deer Lakes Park (see Range’s Big Money Deal to Drill Under Deer Lakes Park in SW PA). The deal at that time called for a $3.5 million signing bonus and a royalty of 17%, meaning over time the county stands to gain something like $70 million.

The final deal has been struck between Range and County Executive Rich Fitzgerald. That old Rich, he’s wily and a tough negotiator. The final deal is a $4.7 million signing bonus and 18% royalties. Now it’s up to the Allegheny County Council to approve it. Let’s see–$70 million+ on one hand with no environmental impacts, or please a few loud-mouthed hippies who watched Gasland and don’t want us to drill. Tough decision…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.