New Castle News

July 13, 2012

City receives gas leasing proposal

By Staff
New Castle News

NEW CASTLE — The city of New Castle received one proposal yesterday for the leasing of gas rights on specific city-owned properties.

Hilcorp Energy Co. submitted an offer to pay the city $2,002,479.50 for the leasing rights for Marcellus Shale.

City council referred the proposal to the solicitors for review. Council anticipates voting on it at its July 26 meeting.

If there would be any drilling, it would be done horizontally underneath the properties.

Council also renewed an agreement with United Concordia to provide dental insurance coverage for city employees.