The Oil & Gas Lease Fund was originally envisioned by Maurice "Doc" Goddard as a means to reinvest revenues from gas drilling on public lands in conservation and recreation.
Recently, however, Oil & Gas Lease Fund revenues have increasingly funded DCNR's core government operations.
Part of assignments via the Ministry of Finance will be levied for creation of the lease fund
The current approach - jamming regulatory changes, a drilling fee, local government control issues, and restructuring the Oil and Gas Lease Fund into the same legislation - forces legislators to accept the lowest common denominator, pleasing no one but the drilling industry," said Jan Jarrett, president and CEO of PennFuture.
Restructure the Oil and Gas Lease Fund to wisely invest its revenues in a legacy fund to ensure the Commonwealth has the financial resources in the future for ongoing conservation of our air, land, and water, especially for the state park and forest systems.
This capital fund is paired with master lease fund
5 million from the state's Oil and Gas Lease Fund
(OGLF) as operational budget monies for the Department of Conservation and Natural Resources (DCNR), the largest replacement of general funds with oil and gas lease funds
in the DCNR budget to date.
The Agility Lease Fund
III was organized and raised by Hal Hayden and Bill MacNamara over the course of four months.
Greg Vitali of Delaware County, Democratic chairman of the House Environmental Resources and Energy Committee, said the difference between the department's overall fund appropriation and its oil and gas lease fund
adjustment is "kind of shocking.
When the General Assembly created the Oil and Gas Lease Fund
in 1955, they committed a funding stream to reinvest in the magnificent system of public conservation lands they inherited from their predecessors.
provides proof of funds and lease funds
for a minimum of $10 million to $50 billion plus.
announced today that on August 12, 2005, Quad City Bank and Trust Company, a wholly-owned bank subsidiary of the Company, entered into a Unit Purchase Agreement with John Engelbrecht, the President and Chief Executive Officer of M2 Lease Funds