Tuesday, January 12, 2010

DCNR Natural Gas Leases Take In $128.3 Million

DCNR opened bids this afternoon for the 31,000 acres of Marcellus Shale natural gas leases on State Forest land. Unofficially, the winning bids totaled $128,397,888 about twice the required $60 million they must produced to balance this year's General Fund budget.
The winning bids also puts them ahead for the commitment to produce $180 million for next year's budget. This is an average of approximately $4140/acre.
Specific Tract Bids:
Tract 1 Seneca 3,125/acre $23,253,125 total
Tract 737 Anadarko 4,111/acre $11,198,364 total
Tract 007 Seneca 4,625/acre $48,530,125 total
Tract 323 Exco 5,250/acre $24,354,750 total
Tract 426 Penn Virginia 3,750/acre $13,867,500 total
Tract 419 Chesapeake 2,437/acre $ 7,194,024 total
NewsClip: Gas Drilling Bids Double PA's Target

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