Fearing that the downturn in oil and natural gas prices has battered the finances of Chesapeake Energy Corp. and could eventually threaten an $18 million settlement with thousands of Pennsylvania landowners, two plaintiffs have filed a motion for court ordered mediation to approve the settlement swiftly.
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Private equity-backed Haymaker Resources LP has agreed to pay Chesapeake Energy Corp. $128 million for a bundle of mineral and royalty interests in 24 states and 324 counties.
The Pennsylvania Board of Game Commissioners has approved an agreement to lease 5,870 acres of land in the northeastern part of the state to Chief Oil & Gas LLC, netting the agency a bonus payment of more than $14.6 million plus royalties and other fees.
The Interior Department said “substantially lower oil and gas prices” impacted royalties from energy production on federal and Indian lands and offshore areas in 2015, resulting in a decline of more than $3.5 billion to states, Indian tribes, the Treasury Department and others.
Natural gas showed unexpected strength and warded off the worst early effects of the blow that falling oil prices dealt to the government of Alberta — Canada’s chief producing jurisdiction.
Chesapeake Energy Corp. improperly deducted drilling expenses from Barnett Shale natural gas royalty payments and violated some terms of a lease agreement, a Texas appeals court has affirmed.
Chesapeake Energy Corp. is awaiting approval by the courts of a proposed $7.5 million settlement to resolve claims that a unit improperly charged Pennsylvania leaseholders post-production fees, a spokesman said Tuesday.
Range Resources Corp. has drilled the first unconventional natural gas well in Crawford County, PA, and is reportedly planning to drill more of them targeting the Utica Shale in the near future.
Under a new policy by the Pennsylvania Department of Conservation and Natural Resources (DCNR), operators will be required to sign a lease and make royalty payments to the state for natural gas gathered from wells adjacent to navigable streams, lakes and waterways.