Lease Terms Revealed for Land Deal in Marshall County, WV

In November, MDN brought you the news that Tug Hill Operating, a privately-owned exploration and production company, did a deal with the Marshall and Ohio County Landgroup in West Virginia for a $100 million signing bonus for about 500 families (see Panhandle WV Landowners Broker $100M Deal with Tug Hill Operating). We later learned that Tug Hill’s CEO was at one time concurrently the COO of Chief Oil & Gas, meaning the two companies are “tight” and perhaps share a drilling program (see More Details on Tug Hill $100M Lease in WV Panhandle). In November we had precious few details, beyond the $100 million signing bonus and a claim that royalties may end up being another $400-$500 million. Can you imagine a half BILLION dollars rushing into the economy of those two panhandle counties? Astonishing. Behold the miracle of fracking! At any rate, we now have an inkling of what the terms may have been. The Marshall County Commission is considering signing a lease with Tug Hill for 72 acres behind the animal shelter. The deal isn’t done yet, but the we know the proposed terms, both for the signing bonus and the royalty…

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