June 28, 2005 -- Posted at 2:23 PM
HEBER SPRINGS, Ark. (AP) _ Several companies are working to acquire mineral rights in central Arkansas. The companies hopes to tap into rich deposits of natural gas.
Two major investors -- Southwestern Energy of Houston and Chesapeake Energy Corporation of Oklahoma City -- are active in the region. Several smaller companies are also buying rights.
Their focus is on property believed to hold underground deposits of Fayetteville Shale in Cleburne, Conway, Faulkner, Franklin, Independence, and Van Buren counties.
The companies hope to use new technology to extract gas from the shale -- deposits that could not have been reached before. Some mineral rights are going for as much as $175 an acre, plus up to one-fifth or production in royalties.
K8's Brad Bean reported on the heightened interest in mineral rights under Region 8 earlier this month in 'Prospectors Flocking to White County' .