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Posted: 5:55 AM May 26, 2008
Landowners Getting Trampled In Gas Rights Rush
Charleston, W.Va. (AP) -- Natural gas companies and speculators around the country are trying to lock up long-ignored drilling rights quickly and cheaply, and some property owners are getting trampled.
Reporter: The Associated Press |
A natural gas drilling site sits against the mountains near the small northwest Colorado community of Meeker in this photograph taken on Friday, Oct. 26, 2007. A new report predicts that northwest Colorado's population could double to about 417,000 over the next 30 years because of the energy boom and the number of gas wells could soar to more than 50,000. (AP Photo/David Zalubowski)
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Charleston, W.Va. (AP) -- Natural gas companies and speculators around the country are trying to lock up long-ignored drilling rights quickly and cheaply, and some property owners are getting trampled.
West Virginia farmer and convenience store owner Brad Castle is still smarting from his experience.
Castle thought he was getting a windfall when he signed a $5-an-acre lease and promise of 12.5 percent royalties on gas rights to 800 acres they own near rowlesburg.
His elation disappeared when rival companies started offering $350 an acre and royalties as high as 15 percent.
Gas companies such as Chesapeake Energy make no bones about their desire to lock up leasing rights. The Oklahoma City-based natural gas giant calls its aggressive lease acquisition program the "Land Grab" in its latest annual report to the securities and exchange commission.
(Copyright 2008 by The Associated Press. All rights reserved.)
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