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Board appoints First Bank & Trust as escrow agent, postpones Oakwood petition to January
Summary
The Virginia Department of Energy board appointed First Bank & Trust as escrow agent for the state's gas escrow account and agreed to continue the Oakwood coal-bed methane docket (VGOB24-1217-4298) to the January meeting at the petitioner's request due to a medical emergency.
At the start of the Dec. 17 meeting in Big Stone Gap, a petitioner requested the board continue docket VGOB24-1217-4298 (Oakwood Coal Bed Methane Field, Unit Y34) until January because a participant, Mark, could not attend due to a medical emergency. Miss Barry made the request; a board member moved to continue the docket and the board approved the continuance by voice roll call.
Division staff told the board that the current escrow contract for the Virginia gas escrow account expires Dec. 31 and that staff issued a request for proposals. Staff said First Bank & Trust was the remaining qualified applicant and recommended the bank as the escrow agent. Staff described the overall contract structure as a 10-year contract with annual one-year renewals and asked for a motion to appoint First Bank & Trust.
A motion to appoint First Bank & Trust as the escrow agent was made and seconded. Roll-call votes were recorded in the transcript with board members Bill Harris, Harry Gibson, Willie Cochran, Gus Jansen and Bruce Prather recorded as voting yes; the chair said the appointment would be recorded.
The continuation of the Oakwood docket and the appointment of the escrow agent were the main procedural actions before the board moved on to the Keyrock petitions and staff updates. No financial terms beyond the contract length and renewal structure were provided on the record.
The board adjourned after routine approval of minutes and a brief staff update.
