Drilling plans for some Mercer County landowners not moving forw - 21 News Now, More Local News for Youngstown, Ohio -

Drilling plans for some Mercer County landowners not moving forward

Updated:

MERCER COUNTY, Pennsylvania - Some Mercer county residents who thought they were cashing in on the shale boom just got some disappointing news.

Hundreds packed Lakeview High School in Mercer County Monday night to learn why plans to drill for oil or gas on their property would not go forward.   

The residents had prospective leases with Halcon Resources Corporation, a Texas based company.  The deals were put together by a third party group called CX Energy.

Halcon says the deals were prospective leases and the option of not going forward was clearly outlined in the agreements.  The company does plan to go forward with about half of the options.

A spokesman for Halcon says the agreements entered into by all the residents were subject to due diligence by Halcon.  During this process, companies look at things like whether the properties have clear ownership title and if acreage can be combined for more economic drilling.  

In this process, Halcon eventually determined which properties were viable for development.

In a statement released by Halcon, the company said its investing considerable resources in Mercer County and  "intends to spend hundreds of millions in lease bonuses, lease royalty payments and drilling of wells over many years."

 

 

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