WARREN, Ohio - One of the largest shale-related land lease signing's is taking place here in the Valley. It's a deal involving BP North America and hundreds of local land owners.
The nearly 2,000 landowners are scheduled to sign natural gas drilling leases negotiated with BP.
They are Trumbull County members of the Associated Landowners of the Ohio Valley, a group organized by Bob Rea of Salem. With 84,000 acres, it is the largest signing by a landowners group in a single county.
"We selected BP, we think they're the best partner and best fit for Trumbull County," Rea said.
The group agreed to sign with BP for $3,900 an acre and a 17.5% production royalty.
"In the matter of 60 to 180 days they'll be receiving their checks," Rea said.
The landowners feel that joining together as group was real benefit. "I think they got a better lease, better bonus money, more bonus money," said Carl Calhoun of Warren.
Bob Kane of Johnston said, "They got with attorneys to see what was the best way to protect the water and the land, so I think it was a big help."
BP spokesperson Paula Barrett said BP is committed to the highest industry standards for environmental management.
"Part of us being here and going forward is going to be hearing those concerns and seeing what we can do to talk about how we can work through any concerns that are raised," Barrett said.
BP is investing millions in the shale boom and looking forward to a long term partnership in Ohio.
"We're in some fields where we have been there 30 to 40 years, so we've hoping this will be that same kind of agreement that same kind of project," Barrett said.