Beaver County to receive nearly $3.1 million upfront, drilling royalties for county parks
September 25, 2014
They're here: A drilling contract and the public's first and only chance to formally comment on the multimillion-dollar deal.
The agreement calls for nearly $3.1 million to be paid within 90 days, sets a 17 percent royalty where certain post-production costs can be deducted and allows pipelines to be constructed under park property for additional revenue, according to the contract.
"It is a risk," said Greg Muse, president and chief operating officer of& PennEnergy Resources LLC. "We feel the reserves are substantial to make the investment in the lease bonus."<- Go Back
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