Preston leases land for gas drilling

PRESTON – The Town of Preston leased 7.1 acres of surplus property on Monday to a Canadian-based energy company in a compulsory integration contract that would yield 18.75 percent in royalties.

Gastem U.S.A. of Montreal, Quebec leased the land in a Norse Energy, Inc. spacing unit. The well, called the Maynard, is permitted to be drilled horizontally for natural gas within the Herkimer sandstone strata. It is located off of county Rt. 4 across from the Preston Town Hall and highway garage.

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