BROOME COUNTY – Another landowner coalition’s mineral rights lease encompassing property in the Southern Tier was signed over the weekend, this one by Fortuna Energy, Inc. for $5,500 per acre with 20 percent royalties.
The amount compares to a deal signed in June with Hess Corporation and Seneca Resources Corporation that offered $3,500 per acre and 20 percent royalties to a coalition that included 700 property owners in Binghamton and Conklin.
Both deals compare to early on activity just over a year an a half ago when XTO Energy leased 37,000 acres in Deposit at $2,400 per acre for mineral rights and 15 percent royalties.
The Fortuna agreement was with the Friendsville Group, a coalition comprised of more than 35,000 acres in Bradford (Pa.), Susquehanna (Pa.), and Broome counties. There are more than 900 members in the group with more than 1400 total parcels.
According to a new release on the Friendsville Group website, the agreement is “more land protecting and landowner favorable” than most of the gas leases they had previously considered.
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