WHEELING -- A seminar was held at the Health Plan Pavilion at WesBanco Arena early Thursday night.
The demand for natural gas drilling in the state of West Virginia and Ohio brought together a packed house of people at WesBanco arena early Thursday night. The meeting gave members of the community the opportunity to learn about this hot topic, and how to play it safe when it comes to signing a lease.
Drilling for marcellus shale is a topic getting lots of attention across the United States. Around 100 people showed up to a meeting put on by West Liberty University called "Understanding Mineral Rights: Coal, Gas and Oil."
"I think a lot of people in the Ohio Valley have been approached by gas companies in regards to leasing property for natural gas. It's obviously something new for most individuals so it gives people the opportunity to come out and be better informed about the whole process," West Liberty's President Robin Capehart said.
The focus of Thursday's meeting was to inform people who are thinking about leasing their property to a gas company, and for those who have already signed a lease. Margaret Roberts of Colerain is just one of many.
"I'm very concerned on leases, and how they'll do leases. I'm very concerned that I have control, and if there isn't something in my lease I didn't know was there and all of a sudden there's something in there and I'm in deep trouble because I didn't pay attention," Roberts said.
The event attracted Joe Figaretti for other reasons. He said he wants to buy a farm, but is having trouble finding one.
"The marcellus shale situation has made it difficult to acquire property because farmers paid enormous money and now are not interested in selling property even though they may or may not have any more or less value than it did before the marcellus shale leases were signed," Figaretti mentioned.
This seminar is the sixth of seven put on by West Liberty University. A seminar next Thursday concludes the financial planning series with talks about income retention and philanthropy.