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