Allegheny County Airport Authority Approves Lease with CNX
Tags: Economic benefits, Pennsylvania
The Allegheny County Airport Authority has approved an oil and gas lease with CNX Gas Co. that could net the Authority as much as $500 million from an up-front payment and estimated royalties, the Pittsburgh Post-Gazette reports. The agreement provides the Authority with an upfront rental payment of $50 million and will cover the 9,263 acres of mineral rights controlled by the Authority. Authority representatives said CNX was tentatively planning to develop six to seven well pads on the property and to drill 45 to 50 wells on those pads. The deal still requires approval from the Allegheny County Council.