Board OKs Downtown Oil Drilling DealPosted: Updated:
Illinois-based Pioneer Oil Co. Inc. has received a key approval for a plan to drill for oil in downtown Terre Haute. The Tribune-Star reports the city's board of public works has cleared the way for the company to negotiate leases with landowners, including Indiana State University. The paper reports the agreement establishes how royalty payments will be paid out and divided.
It also includes provisions for signing fees and future proceeds, should drilling take place.
Pioneer has already begun some preparation work to drill on part of ISU's campus and has other operations in Vincennes and on the University of Southern Indiana campus.
Source: The Tribune-Star