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  • Fracking Case

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    2joncampbell
    17 vizualizări1 pagină
    A state moratorium on fracking can't be used to justify lease extensions, a court rules. The case deals with a group of oil and natural gas developers. The companies leased property on the edge of the Marcellus Shale formation. The leases stipulated a five year initial term, and included a provision that allowed that term to be extended.

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    A state moratorium on fracking can't be used to justify lease extensions, a court rules. The case deals with a group of oil and natural gas developers. The companies leased property on the edge of the Marcellus Shale formation. The leases stipulated a five year initial term, and included a provision that allowed that term to be extended.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
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    17 vizualizări1 pagină

    Fracking Case

    Încărcat de

    2joncampbell
    A state moratorium on fracking can't be used to justify lease extensions, a court rules. The case deals with a group of oil and natural gas developers. The companies leased property on the edge of the Marcellus Shale formation. The leases stipulated a five year initial term, and included a provision that allowed that term to be extended.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
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    din 1

    Inamatteroffirstimpressiondealingwiththestillemergingcomplexitiesoffracking,

    theCourtofAppealsfortheSecondCircuitinNewYorkhasruledthatastate
    moratoriumonthecontroversialpracticecantbeusedtojustifyleaseextensions.Itsa
    winforlandownersandasetbackforenergycompaniestryingtofoisttherisksassociated
    withregulatoryuncertaintyoffonthelittleguy.
    Thecasedealswithagroupofoilandnaturalgasdevelopersthatleasedpropertyfrom
    landownersontheedgeoftheMarcellusShaleformation,whichextendsthroughmuch
    ofPennsylvaniaandintowesternNewYork.Thecompaniessignedleaseagreementsin
    theearly2000s,intendingtodevelopgasdepositstherethroughthetechniqueknownas
    fracking.
    Theleasesstipulatedafiveyearinitialterm,andincludedaprovisionthatallowedthat
    termtobeextended,afterdevelopmenthadbegun,foraslongasthepropertiescontinued
    tobeproductive.Thecompaniesplansundertheinitialagreementwerefoiledin2010,
    whenthestatelegislaturevotedtoinstituteathreeyearmoratoriumonfrackinginNew
    YorkState.
    Themoratoriumwaspromptedoverenvironmentalfearsaboutrelativelynew
    technology,whichinvolvesinjectingwaterandchemicalsathighpressureintobedrock,
    fracturingthestoneandreleasinggasthatcanthenbeextracted.
    <blockquote>ItisagreedthatthisleaseshallremaininforceforaprimarytermofFIVE(5)yearsfromthe
    datehereofandaslongthereafterasthesaidlandisoperatedbyLesseeintheproductionofoilorgas.
    </blockquote>

    Thecompanies,unabletocarryoutextractionduringthetemporaryban,informedthe
    landownersthattheywereinvokinganextensionclause,arguingthatthemoratorium
    constitutedaforcemajeureanunexpectedeventthatshouldalterthetermsofthe
    agreement.
    http://www.propublica.org/article/newyorkstateoffrackingapropublicaexplainer

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