Game Commission Agreement with Energy Company Includes McKean County Property
The Pennsylvania Game Commission today entered into an oil/gas production land exchange agreement with Endless Mountain Energy that includes a tract of land in McKean County.
Under the agreement, Endless Mountain Energy will be given limited access to game commission-owned oil and gas under a 1,930-acre portion of state game lands in Tioga County.
In exchange for that, Endless Mountain will convey a 585-acre tract of land in Hamlin Township, known as the Kane Tract, which is valued at $700 per acre.
The five-year agreement will result in a total bonus payment of $6,755,000, of which $409,346 will be credited toward the conveyance to the Game Commission of the Kane Tract, and $6,345,654 will be deposited into the Game Fund or an interest-bearing escrow account to be used for the future purchase of wildlife habitats and lands acceptable to the Commission. All royalties will be directly deposited into the Game Fund.
Oil and gas development will be regulated by the Commonwealth’s oil/gas regulations and the Commission’s standard Oil/Gas Production Agreement and a $25,000 performance bond. The Oil/Gas Production Agreement will include the Commission’s standard wildlife and protection measures and further limits well development to a total of three well pads and related surface infrastructure.
Under the agreement, Endless Mountain Energy will be given limited access to game commission-owned oil and gas under a 1,930-acre portion of state game lands in Tioga County.
In exchange for that, Endless Mountain will convey a 585-acre tract of land in Hamlin Township, known as the Kane Tract, which is valued at $700 per acre.
The five-year agreement will result in a total bonus payment of $6,755,000, of which $409,346 will be credited toward the conveyance to the Game Commission of the Kane Tract, and $6,345,654 will be deposited into the Game Fund or an interest-bearing escrow account to be used for the future purchase of wildlife habitats and lands acceptable to the Commission. All royalties will be directly deposited into the Game Fund.
Oil and gas development will be regulated by the Commonwealth’s oil/gas regulations and the Commission’s standard Oil/Gas Production Agreement and a $25,000 performance bond. The Oil/Gas Production Agreement will include the Commission’s standard wildlife and protection measures and further limits well development to a total of three well pads and related surface infrastructure.
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