City Leases Mineral Rights
Posted on: September 22, 2012
The good news continues?for the City of Martins Ferry.??Mayor Paul?Riethmiller?announced?during the September 19th Council Meeting that the City had entered into an agreement with XTO Energy to lease 147 acres of property.? The?initial proceeds from this agreement total more than $729,000.?
The Mayor also took?the opportunity to credit Councilman Russell Armstrong for his work in beginning the process as well as Attorney Ed Sustersic?and Mr. Charles Bell Jr. for?helping to facilitate this agreement.?
The initial proceeds?could be?just the beginning of a long-term?windfall for the City.??When the well is drilled and producing royalty checks would come?to the City on a monthly basis.? As County Auditor Andy Sutak said, “It’s the tip of the iceberg…a great thing for the City.”??????