Drillbits

Will Your Bluestone Be Next?

Why not? PA Legislators are pushing for passage of HB 1373 which would amend the state's right to "enumerate coal, natural gas, coal bed methane, oil, and other valuable minerals as those subjects to be valued and assessed for the purposes of taxation"... IN THE GROUND!

"The action is coming in the midst of a rush of companies drilling for natural gas in the area. A layer of rock called Marcellus shale, known for more than 100 years to contain gas, is now being seen as ripe for the picking because of improved recovery technology. Years ago, the layer of rock wasn't seen as economical to extract. Marcellus shale appears to be the thickest in Pennsylvania. James A. Hercik, Fayette County's chief assessor, recently sent a letter to (Rep. Tim) Mahoney urging action on changing the law to make taxation of gas legal, citing a loss of revenue that increases every month."

In other words...Hey, there's something of value out there and we need to get our grubby little hands on it ASAP. After all, it has to be shared with the people! Nevermind that the region will benefit tremendously from the influx of capital and high paying jobs for many years to come and nevermind that the landowners who own it will pay federal and state income taxes on it when, and if, it ever produces.

What happens if your wells don't come in? Think they'll pay you back?

Full Story http://www.heraldstandard.com/site/index.cfm?newsid=19683190&BRD=2280&PAG=461&dept_id=565757&rfi=8