Binghamton Press & Sun-Bulletin (Feb 20)
Vestal Coalition gives broker an extension to get deal on Marcellus Shale drilling sites
A Vestal, NY landowner coalition with some 550 people has given their designated broker another few months to try and negotiate a lease on behalf of the group. According to the article:
Members of the group, called the Vestal Coalition, have agreed to settle for a minimum of $5,750 an acre, plus 20 percent royalties, for a five-year lease of mineral rights, and a three-year extension.
The opening offer was $7,500 an acre and 25 percent royalties. There were a few counter offers, but no deals for those terms.
Drilling companies, for now, are in a holding pattern for New York deals until the New York State Department of Environmental Conservation issues drilling guidelines. Once that happens, and once permits start to be issued, the Vestal Coalition expects to get a deal done.