The Commercial Dispatch reports (http://bit.ly/UmKYiQ) that the town signed an agreement with Fletcher Petroleum Corp. of Fairhope, Ala. The town received $100 for a three-year lease on a three-quarter-acre parcel.
Hydraulic fracturing involves drilling horizontally instead of straight down, using high-pressure jets of water, sand and chemicals to split the shale and release previously unreachable reserves of natural gas and oil.
Foster Kennedy, who represents Fletcher Petroleum, says there are several other wells in Caledonia, and at least two of them are still producing. He says the current fracking process was not used during the drilling of those wells.
No startup date has been announced by Fletcher Petroleum.
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Information from: The Commercial Dispatch, http://www.cdispatch.com
