BRIDGEPORT, W.Va. – An emergency informational meeting on property rights and forced pooling legislation for oil and natural gas drilling was held in Bridgeport.
West Virginia Farm Bureau and interested Royalty Owners’ Farmers held this meeting to discuss the senate and house bill that is under consideration by the West Virginia legislature.
WV Farm Bureau state President Charles Wilfong explained that the bill is a property rights issue from the bureau’s standpoint.
“Were looking for the continued development of the oil and gas industry in West Virginia, but through that process, we just want to make sure that the owners of the property and those minerals are treated fairly in the process,” explained Wilfong.
Wilfong also stated that the two bills that are introduced would greatly restrict the royalty rate that the owner of the resource would get.
“It kind of limits it to a one-eighth,” describes Wilfong. “Whenever the going rate for a lot of the resources across the state and region are 20 to 25 percent, and it doesn’t limit how much expenses going to be taken out of that eighth royalty.”
He continued to explain that those individuals who would receive royalty interest would only receive a fraction of the one-eighth cap in the bill.
Wilfong stated they hope the legislature will pull the bill back and work on them to be good for the industry and property owners.