Fracking Conference a hit in the Southern Tier 

  Just this morning, IBANYS, Tioga State Bank, and the National Association of Royalty Owners- NY hosted an informational hydrofracking conference specifically designed for bankers. The meeting was held in Binghamton, a fitting location considering the city's proximity to many drilling sites in New York and Pennsylvania. 

Kicking off the event was Nick Schoonover, Chair of the Tioga County Landowners Group. Nick gave insight into how hydrofracking works, and provided hard facts about the ins and outs of the industry. Nick has special perspective on the fracking issue because of his personal involvement with the gas lease of his own land. 

Following Mr. Schoonover, Thomas Murphy, co-director of the Penn State Marcellus Center for Outreach and Research addressed the crowd of about thirty participants. Thomas brought his economic and environmental impact expertise that will prove invaluable to our members in attendance. Mr. Murphy predicts that the biggest hydrofracking story yet to come will be in the Utica area. He says the area has more trapped gas than in the Marcellus shale region, which is further south and west, towards Binghamton and Elmira. 

After Thomas, Petroleum Geologist Don Zaengle educated the group about how these deep rock formations were created, and how the geologic maps of New York affect the gas extraction process. Did you know that drilling has occurred in New York state since the 1820s? The first drilling site was in Fredonia, in 1821. 

Don wowed the crowd with maps and charts outlining the lcoations of the Marcellus shale area, and the Utica shale area. The Utica shale is just recently being developed, and is larger than the Marcellus region. Don also let everyone in on a little secret. Along Route 20 in Cherry Valley (near Cooperstown), the Marcellus Shale has actually come to the surface and can be seen from the road. If you travel this way, keep a lookout for shale formations! 

 To round out the half-day conference, CPA Jim Leonard gave a presentation on the business and real estate aspects of the drilling industry. He outlined how gas leases can be confusing, and could potentially hurt landowners. Jim also spoke about real estate regulations and litigation when working with gas companies. 

Overall, the conference was an interesting mix of environmental, legal, historical, and business information about hydrofracking in New York State. This issue has been not only a hot topic across the state, but a passionate and sometimes emotional issue affecting many New York homeowners and landowners. With as much education as possible, our community bankers can be able able to best serve their customers.