Re: HB 37 Abandonment of Mineral Rights - Property
All of this stuff is a bit late. The desired properties are already leased and all that is left are the scraps. Sign on bonuses have fallen sharply. Gas companies have heavy debt and are trying to consolidate holdings rather than add new so drilling can be done profitably. Many of the wells being drilled are simply to hold leases. It is said that up to 50% of wells are money losers for the gas companies at current gas prices.
I fear the PGC will not be seeing the $$$ some thought a few years ago they might get. So, no license increase, not the gas windfall they were hoping for, how will the PGC be funded?
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