> They own the land but not actually the minerals or gas - they still have to get a permit from the government to to extract.
Other way around.
They bought gas rights - specifically they were interested in natural gas, but evidently the rights extend to any gas (I suppose there's an 'at room temperature' caveat in there, or this kind of right may set up some unexpected and highly unpleasant incentives).
It sounds like this was a highly speculative purchase, on land not considered hugely viable for extracting natural gas. There is, after all, the non-trivial problems & expenses around actually extracting, processing, shipping, and selling the gas(es).
Other way around.
They bought gas rights - specifically they were interested in natural gas, but evidently the rights extend to any gas (I suppose there's an 'at room temperature' caveat in there, or this kind of right may set up some unexpected and highly unpleasant incentives).
It sounds like this was a highly speculative purchase, on land not considered hugely viable for extracting natural gas. There is, after all, the non-trivial problems & expenses around actually extracting, processing, shipping, and selling the gas(es).