XTO Energy (ExxonMobil) Invokes Force Majeure Clause in Contract with Deposit (NY) Landowner Coalition

July 11, 2011July 11, 2011

In 2008, the Deposit (NY) Landowner Coalition, with some 500 members, signed the first large scale leasing deal in New York’s Southern Tier region. The least was signed with XTO Energy which has subsequently been bought by ExxonMobil. The deal gave landowners $2,411 up front for leasing, and a 15 percent royalty when drilling begins. The lease payments made headlines around the country in a deal worth $110 million. The original lease was for five years.

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