Landowners sign deal with Chesapeake Energy

Staff report

YOUNGSTOWN

The Associated Landowners of the Ohio Valley has signed a lease with Chesapeake Energy Corp. in the Utica Shale region.

Approximately 20,000 acres spanning a six-county area — which includes Mahoning and Columbiana, along with Carroll, Jefferson, Harrison and Belmont counties — were leased to the Oklahoma City-based oil and gas drilling company late last week.

Terms of the deal were not disclosed, but about 750 landowners will see payments and potential royalties as part of the deal.

Bob Rea, president of ALOV, said the 20,000 acres are spread throughout the six-county area and weren’t concentrated to any one particular area.

Chesapeake outbid five other drillers for rights to explore the land.

The deal brings ALOV’s leased-acreage total above 100,000.