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Tug Hill, West Va. Landowners Strike Lease Deal Worth Over $100MM
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In West Virginia, local oil and gas owners have struck the largest lease agreement the Northern Panhandle has ever seen. The Marshall and Ohio County Landgroup recently reached an agreement with Tug Hill Operating that is worth more than $100 million.
The Landgroup members include mineral owners in Marshall and Ohio Counties. It is the largest Landgroup in the Northern Panhandle. Tug Hill Operating has a deep history of oil and gas exploration and operations, including participating in drilling more than 750 horizontal wells in the Marcellus Shale in Pennsylvania and West Virginia since 2007. Their corporate offices are located in Fort Worth, Texas.
Jonathan Turak of Gold, Khourey & Turak, one of the attorneys responsible for successfully negotiating the deal, commented: "This agreement represents the culmination of many months of hard work on our team’s part to deliver the best agreement possible for our members. Our goal was to provide an opportunity for landowners to join together to maximize our bargaining leverage. Our members saw the value in being a part of the Landgroup, and remained united throughout the process. The end result is unprecedented, with an agreement that provides more compensation, better protection, and a lease that favors all of our mineral owners. Neighbors helping neighbors is what this Landgroup is all about, and we proved that there really is strength in numbers."