NORWICH – Ken Smith said he was shocked to learn recently that an area farmer had signed a natural gas lease on his 500-acre property for less than $50 an acre. Even more shocking than the dollar amount received – which is well below the going rate, according to Smith – is the fact that the agreement contained no provisions to ensure the agricultural viability of the property.
It is a story the executive director of Cornell Cooperative Extension of Chenango County says he hears all too often.
“Landowners have a great deal of control about how natural gas development occurs on their property,” he said. “It is important that they understand what issues they might encounter, and how they can manage those issues.”