Following three years of negotiations, Lycoming County Commissioners celebrated closing a deal with Range Resources to lease 1,350 acres in Jackson Township for shale drilling. The county is receiving a $5.4 million signing bonus, which works out to $4,000 per acre. However, the county will receive just a 2% royalty for any oil/gas produced from the property. You read that right (not a typo)---just 2%, which has to be the lowest royalty rate we've ever seen negotiated, either with a private landowner or a municipality. Join Today!)