The town of Summit will lease its mineral rights to an oil company that is looking to drill in the area.

The city council this week agreed to lease 16.8 acres to Shreveport, La.-based PAR Minerals Exploration LLC.

The lease is for three years at $150 an acre. The town also will receive a 3/16 share of royalties from oil taken from town property.

PAR's Nicki Boland presented $2,520 check to the town on Tuesday July 12, 2012. Read more »

Economists say exploration and production in the Fayetteville Shale have produced $4 billion and 16,000 jobs for the state in a four year time span.

"The natural gas industry came in at a time when the nation was facing a recession and provide jobs, particularly manufacturing at a tough time," said Kathy Deck, director of the Center for Business and Economic Research.

Her research even points out the trickle down effect. When the industry profits, so do the local stores, restaurants and schools. Read more »

Oil prices slipped on Friday June 8, 2012 as the euro zone's debt crisis and dimming hopes for U.S. monetary stimulus reinforced concern about petroleum demand, but disappointing talks between Iran and the U.N.'s nuclear agency limited losses.

The intraday recovery allowed both Brent and U.S. crude to post weekly gains, snapping a string of five straight weekly losses. Read more »

Seven Commonwealth Court judges will decide on a constitutional challenge by seven municipalities to portions of Pennsylvania's new law regulating the rapid growth of natural gas exploration.

The panel heard arguments Wednesday June 6, 2012 during a session in which the judges repeatedly challenged lawyers from both sides in the closely watched case. Read more »