North Fayette officials sign a lease agreement with Range Resources:
Dozens of property owners in North Fayette have signed leases with drilling companies that plan to extract natural gas from the Marcellus Shale bed. When township officials learned that wellheads are planned for some properties adjacent to publicly owned land, officials decided it was time to sign a lease of its own.
“We could at least have the benefits of the royalties,” Community Development Director Brian Temple said. North Fayette supervisors recently authorized a gas and mineral rights lease with Range Resources LLC, a Texas-based company with regional offices in Canonsburg. The agreement sets payment to North Fayette at $3,000 per acre, plus a 17.5 percent royalty on gas that is removed and sold from township property.
Full Article: North Fayette Officials Sign Gas Lease – Post-gazette.com