Rice Energy Inc. has won a bidding war of sorts in Belmont County, OH, to develop 195 acres owned by the city of St. Clairsville. The city council agreed to lease the acreage to Rice for $8,650/acre after it offered a bid to counter American Energy Partners LP’s $8,600/acre offer. According to reports, the councilors said besides the price they also chose Rice because of language included in the lease that would not allow the company to deduct from future royalties. Rice has assets in Belmont County, as well as in southwest Pennsylvania’s Washington and Greene counties.
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