The challenge is that the region is widely believed to have always had methane in its groundwater, but several residents of Dimock convinced a jury that Cabot’s drilling caused contamination of their drinking water by methane or other chemicals. The jury awarded $4.2 million in damages, but that verdict was thrown out by the judge so the parties were sent back to square one. Now, court records show that the parties settled the case at the end of September, but the terms of that settlement are not public. We may never know the exact conclusion, but it appears this challenging chapter in the Marcellus Shale formation’s history has been drawn to a close.
It comes at a good time for Pennsylvania’s gas industry. A major investment firm based in Denver just announced that it is spending $210 million to buy assets in areas of the Marcellus located in Pennsylvania’s Wyoming and Susquehanna Counties. The company, Kalnin Ventures, has spent $417 million in total in the region, and it says it will continue to acquire exploration and production rights in the area. The company says it is looking to load up on profitable, low-risk, assets that provide immediate cash flow.
According to the latest statistics, natural gas provides 320,000 jobs in Pennsylvania and contributes $45 to Pennsylvania’s economy. Opportunities are only growing, boosted by new pipeline infrastructure and additional gas consumers like Shell’s plastic-producing ethane cracker being built outside Pittsburgh. The experts at Cimmaron Land are just a phone call away to help your company secure new leases in Pennsylvania, all while taking the needed steps to carefully keep the peace with landowners in the region. Call us today!