Here we go again, another article on the poor gas industries that have been prevented from high volume hydraulic fracturing in New York.
This one was reported in the Associated Press on Sunday, Dec. 29, titled NY drilling business dries up.
John Holco, president of Lenape Resources, states, Were not going to be here much longer.
This is the same company that sued the town of Avon over the towns moratorium on new drilling, seeking $50 million in damages.
In March 2013, the judge ruled against Lenape, and the court upheld the concept of home rule: a towns right to enact a lawful moratorium.
In protest, Lenape shut down its own existing wells, notified landowners that all wells would be shut and natural gas production stopped, royalties and delivery of free gas stopped.
The company asserted Force Majeure, which would cause leases to be extended without further compensation.
This is much like what Norse Energy did and who is now suing the town of Dryde, which banned large-scale gas drilling and hydraulic fracturing.
Brad Gill, president of Independent Oil and Gas Association of New York, states The industry is wary of investing in New York.
Well, we better be wary of this type of investing and hope they wont be here much longer.