Earlier this year, a group of 40 Town of Windsor (NY) landowners with a cumulative 3,000 acres signed a gas lease agreement with Denver-based Inflection Energy to allow Marcellus Shale drilling when New York’s moratorium is eventually lifted. The landowners expected their signing bonus checks by March 3rd, but that didn’t happen due to delays by the lawyers (see MDN story here). The delays are now over the the Windsor landowners have started receiving their bonus checks totaling $8.25 million.
The Independent Oil and Gas Association of West Virginia has just kicked off a new advertising campaign to educate the public to the benefits of natural gas drilling in the state.
Two of the worlds largest energy companies have made major investments in shale gas. Exxon Mobil made a $35 billion investment when it bought XTO in 2010. Exxon’s goal is to double U.S. natural gas output in the next ten years. Chevron has concentrated its investment specifically in the Marcellus Shale with the $3 billion purchase of Atlas Energy and a large acreage deal with Chief Oil & Gas. Chevron expects to increase its output of gas seven-fold in the next few years.
But investors in each of these energy giants want “more disclosure” on the so-called environmental risks involved with horizontal hydraulic fracturing, as witnessed at their annual meetings yesterday: