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River Lease Negotiations Continu...

2015-04-19 05:27:52| Logistics - Topix.net

Six months after Gastar Exploration announced plans to frack for oil and natural gas under the Ohio River, the company still has not finalized the deal that would pay the West Virginia Department of Commerce $3,500 per acre with 20 percent production royalties. The commerce department already inked a contract with Norway-based Statoil to frack under a stretch of the river for $8,732 and a 20 percent royalty rate, but both state and Gastar officials said they continue negotiating the final terms for the company's lease.

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