NORWICH – Standing in front of the Chenango County Courthouse Thursday, gas company representatives along with local government and business officials passed $656,923 worth of symbolic checks at a press conference highlighting the 2009 tax revenue gained from natural gas development.
“While everyone here can agree that the numbers offered today are quite stunning, not all are in agreement about the risks these activities bring with them. Today, though, we are here to speak to the economic uplift we are experiencing, particularly in Chenango’s northern sector,” said Town of Smyrna Supervisor James B. Bays.
The municipality is one of the first in Chenango County to reap the financial benefits of natural gas development on an unprecedented local scale and Bays was presented a with a mock $83,312 check by Nornew spokesman Dennis Holbrook. The check was representative of all the tax revenue the town gained in 2009 from the company’s activities.
Norse Energy Inc., the Norwegian-based parent company of Nornew, has drilled 23 wells in the county, 13 in the Town of Symrna since 2007.
The check’s amounts were based on the numbers released by the Chenango County Office of Real Property Services on May 1 and reflect the estimated assessed value using last year’s tax rates.