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E-M:/ Fw: Royalty rights exchanged for tax credits

Enviro-Mich message from "Delavan Sipes" <delavan@cybersol.com>

Guess I didn't pay attention to the address change.
Delavan Sipes                      

> Date: Friday, October 03, 1997 13:51:11 
> From: delavan
> To: Enviro-Mich
> Subject: Royalty rights exchanged for tax credits
> Gov. Engler sayd the IRS approved the sale of Michigan's royalty interests
> in certain natural gas wells in exchange for federal tax credits on
> development of those reserves.
> This is supposed to yield an estimated $31 million for cleanup  which will
> be targeted toward Brownfields.
> As an after thought the article says "This makes Michigan the second state
> to sell its royalty interests".
> Can someone explain to me the advantage of selling royalty rights (which
> could go on indefinitely) for an immediate estimated $31 million?  What
> sort of ride does the governor have in mind for us this time?
> Delavan Sipes                      
> delavan@cybersol.com        

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