Thursday, September 11, 2008

Penn's Woods' Marcellus Shale Draws Attention

The Pennsylvania Department of Conservation & Natural Resources announced the winners of its September 3, Oil & Gas Lease offering. Ten year leases at a 16% royalty were offered for eighteen tracts totaling 74,023 acres in Tioga County. The highest bids, $5,838/acre for a 5741 acre tract and $4,369 for a 3598 acre tract, came from Fortuna Energy. ExxonMobil, which low balled the process by bidding $1,151/acre for everything, picked up six tracts totaling 19,439 acres as the only bidder.

Bid Info Here