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People & Business :: Energy and Feedstocks
Bayer Leases WV Land to Gastar Exploration for $30 Million
1:08 PM MST | February 15, 2012 | Lindsey Bewley
Bayer has leased its 1,400-acre site at New Martinsville, WV to Gastar Exploration (Houston) for $30-million deal. Gastar will drill for gas at the site for 30 years, and plans to spend about $200 million this year working in the Marcellus Shale. Gastar is already drilling on 3,300 acres owned by PPG Industries, whose plant lies north of the Bayer plant. PPG expects to collect the $50 million from the drilling deal over the project’s lifetime, which officials believe will last about 30 years. Gastar is currently working on the PPG property and will...
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