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New York News
Fri June 15, 2012
Chesapeake to Renegotiate 4,400 NY Gas Leases
New York State Attorney General Eric Schneiderman says Chesapeake Appalachia has agreed to let more than 4,400 landowners renegotiate old gas leases for more favorable financial and environmental terms. More from WAMC’s Dave Lucas…
Chesapeake also agreed to pay $250,000 to cover the state's investigation costs. The agreement was announced Thursday.
The subsidiary of Chesapeake Energy Corp. tried to extend the leases in 2009, claiming the state's de facto moratorium on shale gas development since it started an environmental review in 2008 constituted an uncontrollable event that allows for an extension if an "act of god" or unforeseen circumstance prevents drilling.
Schneiderman investigated after receiving complaints from landowners. The leases were signed long before the shale gas boom boosted land prices. Many landowners today are also writing extensive environmental protections into leases.
Dave Lucas, WAMC News.
Copyright 2012 The Associated Press. All Rights Reserved.