In a reversal of its earlier decision, the Erie Town Council on a 4-3 vote has decided to sell mineral rights to oil and gas operator SM Energy Company, sending forward a contentious deal that could bring the town over $23 million in combined cash and future revenue, according to the town, along with land transfers and closures of existing wells.
Under the agreement, SM Energy — the operator of the planned Draco Pad oil and gas project — will receive certain town-owned mineral rights within the project’s underground drilling area.
Mineral rights allow their owners to access and extract underground resources or lease and sell that access…