News

May 28, 2010

Chesapeake Energy, Wyoming County Landowners agree to gas-lease terms

Rory Sweeney

A year after the financial meltdown sank a lucrative gas-lease offer, the Wyoming County Landowners group has come to terms with Chesapeake Energy for what is expected to be a record deal.

Neither side has released details yet, but Chip Lines-Burgess, secretary of the landowners’ group, expected an announcement sometime Tuesday evening.

“No one in the region has seen this amount of money,” she said. “We’re excited about the offer we have received, and it’s going to be a huge impact for our entire region financially. … Hopefully, it comes to fruition. … This is what we’ve striving for for the last year and a half.”

She added that lease signings could come as soon as a facility is secured that’s large enough to hold the expected 600 to 800 landowners involved.

The group is comprised of roughly 37,000 acres in Wyoming, Bradford, Susquehanna, Sullivan and Lackawanna counties. A minimal amount of Luzerne County acreage is also involved, Lines-Burgess said.

Only landowners who have recently re-signed with the group are part of the deal, but others may contact the group to inquire about inclusion. Lines-Burgess said current Lackawanna County members will be included, but new acreage in the county might not be accepted.

For more information, read Wednesday's Times Leader.

 

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