Belmont County leases 406 acres to a Rice Energy subsidiary for $7,500 per net mineral acre

Last week, Belmont County commissioners entered into an oil and gas lease with Canonsburg, Pennsylvania-based Rice Drilling D, LLC, "in the amount of $7,500 per net mineral acre for 406.4426 gross acres for a five-year option to renew, with a royalty of 20 percent," Times Leader reports. Commissioner Charles R. Probst Jr. was not present for the vote, but said he had reservations about a clause included in the lease that calls on the county to "pay 20 percent of any enhancement," which refers to costs associated with separating, transporting, processing, enhancing and marketing the oil and gas after it has been extracted. For more, read the full story.