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Gas Driller to Pay Millions to Landowner Coalition

http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-1001556.mp3

Albany, NY – Members of a Broome County landowners' coalition are getting a huge payout on their gas leases this month. WAMC's Tristan O'Neill reports...

The Binghamton Press and Sun-Bulletin reports that the landowners are among 600 in the Friendsville Group, which received a $165 million gas lease offer from Talisman Energy in September 2009.

Most of the landowners are in Pennsylvania. They received $5,500 per acre when the leases were signed. But with gas drilling on hold in New York since 2008, the New York landowners got $500 per acre. The other $5,000 was due when there were drilling permits. Landowners get 20 percent royalties on producing wells.

Christy Everitt, a coalition member with 117 acres in the town of Vestal, estimates 40 percent of the payments will be taken as taxes.

Tristan O'Neill, WAMC News.

Copyright 2012 The Associated Press. All Rights Reserved.