It was nice to hear this week that the politicians in Illinois have apparently come to some sort of an agreement on how to properly regulate high volume hydraulic fracturing in Illinois. If things work out, Southern Illinois might actually see one of the biggest oil and gas booms in its history.
What we know for sure is that major oil companies have already spent over $150 million in twelve Southern Illinois counties leasing up land for the development of the New Albany Shale formation. Landowners are being paid as much as $450 per acre for a two-year lease for this development. That doesn’t count what the landowner will receive in the form of royalties if and when production gets under way.
And by the way, high volume hydraulic fracturing isn’t anything new in Southern Illinois. It’s been around since the 1950s.