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Use it or Lose it - Oil drilling Lease

We?ve heard a lot lately about drilling for oil in various places, and the resistance to drilling in many places. We?ve heard noise in the Congress about oil companies holding leases on 68 million acres where no drilling has taken place, and a possible attempt by congress to force the companies to ?use or lose? those leases.

There?s probably as many stories as there are leases, and twice as many impact studies in each case. All costing money and taking time. And this is before the court cases brought by environmental groups, costing more money.

Here?s one case and what happened when a company attempted to develop a lease. The company filed for a permit to drill in 2003. It is now 2008.

?A federal judge has overturned a decision by the U.S. Forest Service to allow oil and gas drilling near a forest and a river in Michigan's northern Lower Peninsula.

Although the Mason Tract is state property, the federal government owns rights to minerals beneath it and leased production rights to Savoy. In 2003, the company filed for a permit to drill into one of its lease holdings.?

Full article: http://ap.google.com/article/ALeqM5gcdxsFXI6YE77GIfaly_CsBRVZWAD91S8JFG0

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