Freedumb! NC Leg Preps Law To Force Landowners To Sell Natural Gas Rights On Own Property

[hatrack]

RALEIGH — North Carolina landowners would be forced to sell the natural gas under their homes and farms – whether they want to or not – under a fracking recommendation approved Wednesday that’s expected to be enacted by the state legislature this fall.

EDIT

Forcing property owners into a drilling pool, typically 1 square mile from which shale gas would be extracted, raises another problem: How much should they be paid for their gas? Unlike their neighbors who voluntarily signed leases with royalty terms, people in compulsory pools never agreed to any terms.

The study group recommended that such property owners be given the option of accepting a standard royalty of 12.5 percent on the value of their prorated share of the gas for as long as the well produces gas.

Another option is to pay them a fraction of the value of the gas until the energy company recovers that property owner’s presumed share of the cost of drilling the well. After the well is paid for, the landowner would be paid the full value of their share. It could take a forcibly pooled property owner months or even years to pay off the bill: Drilling a well roughly costs between $8,000 and $12,000 per acre in a 1-square mile drilling unit.

EDIT/END

http://www.newsobserver.com/2013/08/28/3145187/officials-ok-rule-to-force-fracking.html

[Billy Love]

1. This guarantees the outsers of every single Republican in North Carolina

As people do not like it when they start drinking fracked water or see that their water is flammable.

Frackers must cease killing the Earth now.

[wtmusic]

2. Bad to worse, k&r. nt

[CRH]

3. hatrack headlines it well,

North Carolina politics likes its Freedumb