Stop the press: There’s actually been some GOOD news from New York State on the drilling front. Inflection Energy has just issued payments to some 130 residents in the Town of Maine (Broome County, NY) to secure drilling rights to their land, when/if drilling ever begins in New York State.
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.
The Inflection deal calls for 20 percent royalties “subject to certain deductions,” according to a press release from Wedlake and Inflection.*
*Binghamton Press & Sun-Bulletin (May 9) – Town of Maine residents getting $3 million for gas rights