TEXAS COMPANY REJECTS OIL AND GAS LEASE DEAL - 400 Royalty Owners Still Optimistic

(10/16/2013)

A Wirt County group representing about 550 royalty owners in regional counties has come up without a lease agreement from a major gas developer. Reports said about 400 people who had signed on to the initiative attended a meeting in Elizabeth with expectations to sign-off on a agreement for drilling in the region. James Lydon, organizer of the Wirt County Oil and Gas Group, said a proposal given to a major Texas company was rejected by their board of directors. Lydon told media that the company could make a counter-proposal, while the group is looking at other developers. "We're still open for business and looking for the best deal," Lydon said. See WIRT CO. GROUP AMASSES 277,000 ACRES FOR MARCELLUS/UTICA LEASING - 550 Royalty Holders Signed

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