The following is the text of a talk I made in September to some oil industry people in Nashville:
In the opening sequence of the movie Gasland, Josh Fox, the film’s producer, said:
One day I got a letter in the mail. It was from a natural gas company. The letter told me that my land was on top of a formation that was called the Marcellus Shale which stretched across Pennsylvania… New York… Ohio… and West Virginia… and that the Marcellus Shale was the “Saudi Arabia” of natural gas.
I could lease my land to this company and I would receive a signing bonus of $4750 an acre. Having 19.5 acres, that was nearly $100,000… Right there in my hand. Could it be that easy?
No, it couldn’t.