Village of East Palestine moves toward leasing land for oil and gas development

The solicitor for the Village of East Palestine is working with BP Oil to determine the village’s acreage and is in talks with officials from there as well as Royal Dutch Shell and Chesapeake Energy about possibly signing a non-drill lease, Salem News reports. Councilman Fran Figley said that Salem-based Buckeye Mineral Development LLC, which is working with the village during this process, “estimated the village could reap at least $5,000 per acre and 18 percent royalty on any oil or gas recovered from the municipal property,” the article said. For more, read the full story here.