USA. Gas Lease nets $4.5M bonus payment
Wednesday, 29 January 2014
Oil and gas reserve to be developed beneath portion of State Game Lands 298.
The Board of Game Commissioners Tuesday approved a deal that will allow for the development of the commissions’ oil and gas reserve under State Game Lands 298 in Eldred and Gamble townships, Lycoming County. The development will be conducted with no surface impact to the game lands.
Two bids were received in November 2013, but one company later withdrew the bid. With the bid offered by FyreRok Reservoir Consulting withdrawn, the board approved the bid submitted by the only other bidder, Inflection Energy LLC, of Denver, Colo.
Inflection has agreed to pay the commission 20 percent in royalties from the oil, gas and liquid hydrocarbons produced and sold from under the tract. Inflection also will pay the commission a one-time bonus payment of $4,560,840.
Last Updated ( Wednesday, 29 January 2014 )