Deal Done to Lease Washington County, PA Airport for Drilling
MDN told you yesterday about an impending vote by Washington County, PA commissioners to lease portions of the county airport for drilling under (but not on) airport property (see Washington County, PA Airport Considers Offer to Lease). The vote was taken, and the deal was approved. In the end, it looks as though the county, which does not own the mineral rights for all 400 acres of airport property, does own the rights to at least 135 acres, which they leased for a signing bonus of $6,400 per acre and 18.25% royalties on any gas produced.
The taxpayers of Washington County should be happy that a check for $864,000 of “newfound money” is heading their way…
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Yesterday Range Resources released their financial and operations update for third quarter 2013 (see our companion story from today). Nestled in that update is reference to a new company presentation released yesterday as well, available on the Range website. MDN downloaded it (full copy embedded below) and wow! What a presentation it is. This sucker is loaded with useful charts, maps, bullet points and more. Range has done the industry (and their investors) a great service with this presentation.