Guest Guest Posted March 7, 2008 Report Share Posted March 7, 2008 Endicott is about to lose out on mega bucks if they sign drilling lease for $150 acre. Other companies are paying $725 per acre just over the border in Susquehanna County. Link to comment Share on other sites More sharing options...
wrapyouincold Posted March 7, 2008 Report Share Posted March 7, 2008 Endicott is about to lose out on mega bucks if they sign drilling lease for $150 acre. Other companies are paying $725 per acre just over the border in Susquehanna County. drilling for what? I haven't heard anything on this yet. Link to comment Share on other sites More sharing options...
2pelo Honey Posted March 7, 2008 Report Share Posted March 7, 2008 Endicott weighs gas-drilling offer Firm seeks exploratory effort at golf course, airport By Tom Wilber Press & Sun-Bulletin ENDICOTT -- Village officials, entertaining the prospect of striking it rich, will listen to representatives of an energy company proposing to drill for natural gas under the village-owned golf course and airport. Prospectors from Black River Royalties -- representing Schuepbach Energy Appalachia of Dallas, Texas -- will outline a proposal before the village board March 18. They are seeking a five-year lease on 461 acres land on the western end of the village. The company would pay $150 per acre -- about $70,000 total for the five-year term. If prospectors find natural gas, the village would get 12.5 percent of royalties, based on an offer now on the table. It is hard to estimate how much that might be without knowing how productive a well would be, but Mayor John Bertoni said he was told it could total between $7 million and $20 million over a 20-year period. "I wouldn't mind being known as Mayor Jed Clampett," said Bertoni, referring to the fictional hillbilly whose life changed after striking oil. On Thursday, Bertoni and James W. Reynolds, a representative with Schuepbach Energy, boarded ATVs for a tour across village property to view potential drilling sites. Bill Gunner, president of Black River Royalties, said it would be "a very bad idea" to guess what a well might produce because too much is unknown and the company does not want to be accused of misrepresentation. Black River Royalties, of Wellsville, is a partner with Schuepbach. Prospectors unsuccessfully drilled for natural gas on the same property in the 1980s. But newly developed technology has improved the chances of extracting gas known to exist 5,000 feet deep in a geological formation called Marcellus shale, Gunner said. The rising cost of energy has also made investing in a renewed effort more worthwhile. The venture would require at least four drilling rigs -- a capital investment of $8 million, Gunner said. The rigs, which can drill laterally as well as vertically, would be on the fringes of the property so they would have limited impact on operations, Gunner said. He characterized the venture as "a pioneering effort" made feasible by very new technological advances. No other wells in the area have successfully tapped Marcellus shale, he said, which is known to hold gas that is difficult to extract from the non-porous rock formation. Recently, requests throughout the Southern Tier to drill on private and public land have been spawned by a relentless demand and rising costs for energy that make it more worthwhile for prospectors to take on the pricey and financially risky task of drilling a mile or more deep to find pockets of gas. Bertoni said he liked what he had heard so far. "It could be a natural resource just sitting there," he said "Not to explore it would be a shame on us." http://pressconnects.com/apps/pbcs.dll/art...EWS01/803070368 Link to comment Share on other sites More sharing options...
wrapyouincold Posted March 7, 2008 Report Share Posted March 7, 2008 Endicott weighs gas-drilling offer Firm seeks exploratory effort at golf course, airport By Tom Wilber Press & Sun-Bulletin ENDICOTT -- Village officials, entertaining the prospect of striking it rich, will listen to representatives of an energy company proposing to drill for natural gas under the village-owned golf course and airport. Prospectors from Black River Royalties -- representing Schuepbach Energy Appalachia of Dallas, Texas -- will outline a proposal before the village board March 18. They are seeking a five-year lease on 461 acres land on the western end of the village. The company would pay $150 per acre -- about $70,000 total for the five-year term. If prospectors find natural gas, the village would get 12.5 percent of royalties, based on an offer now on the table. It is hard to estimate how much that might be without knowing how productive a well would be, but Mayor John Bertoni said he was told it could total between $7 million and $20 million over a 20-year period. "I wouldn't mind being known as Mayor Jed Clampett," said Bertoni, referring to the fictional hillbilly whose life changed after striking oil. On Thursday, Bertoni and James W. Reynolds, a representative with Schuepbach Energy, boarded ATVs for a tour across village property to view potential drilling sites. Bill Gunner, president of Black River Royalties, said it would be "a very bad idea" to guess what a well might produce because too much is unknown and the company does not want to be accused of misrepresentation. Black River Royalties, of Wellsville, is a partner with Schuepbach. Prospectors unsuccessfully drilled for natural gas on the same property in the 1980s. But newly developed technology has improved the chances of extracting gas known to exist 5,000 feet deep in a geological formation called Marcellus shale, Gunner said. The rising cost of energy has also made investing in a renewed effort more worthwhile. The venture would require at least four drilling rigs -- a capital investment of $8 million, Gunner said. The rigs, which can drill laterally as well as vertically, would be on the fringes of the property so they would have limited impact on operations, Gunner said. He characterized the venture as "a pioneering effort" made feasible by very new technological advances. No other wells in the area have successfully tapped Marcellus shale, he said, which is known to hold gas that is difficult to extract from the non-porous rock formation. Recently, requests throughout the Southern Tier to drill on private and public land have been spawned by a relentless demand and rising costs for energy that make it more worthwhile for prospectors to take on the pricey and financially risky task of drilling a mile or more deep to find pockets of gas. Bertoni said he liked what he had heard so far. "It could be a natural resource just sitting there," he said "Not to explore it would be a shame on us." http://pressconnects.com/apps/pbcs.dll/art...EWS01/803070368 Thank you....this was new to me and I live I Endicott Link to comment Share on other sites More sharing options...
Guest Guest Posted March 8, 2008 Report Share Posted March 8, 2008 Endicott is about to lose out on mega bucks if they sign drilling lease for $150 acre. Other companies are paying $725 per acre just over the border in Susquehanna County.the village has been giving away the airport for years to people outside the village for years why would the new mayor want the village to benifit in any way from owning tri cities airport Link to comment Share on other sites More sharing options...
Guest Guest Posted March 8, 2008 Report Share Posted March 8, 2008 Different state, different regulations. No one in NY is getting more than $125-150 an acre. The price is regulated by the state. Get your facts straight before you post. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2008 Report Share Posted March 9, 2008 Endicott is about to lose out on mega bucks if they sign drilling lease for $150 acre. Other companies are paying $725 per acre just over the border in Susquehanna County. The price per acre in PA is now over $1000.00 with a 15% share of whatever they find. Link to comment Share on other sites More sharing options...
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