Aaron Bolling

The meeting began with a safety message pertaining to fall yard cleanup and the proper use of Personal Protective Equipment (PPE). Key agenda items included welcoming a new member, Craig Piery, CEO of the American Nuclear Society, and acknowledging the reappointment of Scott Coppel and Eric Carr. The primary discussion involved a presentation by Josh Parker from BWXT on advanced reactors, focusing on Project Pelle, a mobile micro-reactor designed to fit in a 20ft ISO container, which is currently under construction. The presentation also covered the BWXT Advanced Nuclear Reactor (BANNER) concept, a larger, fixed installation utilizing TRISO fuel, suitable for commercial, defense, and data center applications. A significant portion of the discussion addressed public concerns, primarily surrounding nuclear waste disposal and general understanding of advanced reactor technology.

The meeting commenced with introductions, including declarations of conflicts of interest by board members Mr. Owens and Mr. Mullins concerning items 5 through 10. The board reviewed and approved remote attendance resolutions for Mr. Mullins and Mr. Harris. A key agenda item involved the review and approval of the readoption of the board's electronic meeting policy, which was explained to be derived from FOYA codes and regulations. Following this, the board received no public comments. The escrow agent, First Bank and Trust Company, presented the quarterly year-end report for 2025, detailing fund balances, deposits, interest earned, fees deducted, and outstanding checks, noting that the closing balance as of December 31, 2025, was $4,611,361.32. The report also covered annual distributions, investment summaries, and outstanding checks. Finally, the board addressed motions from Diversified, including a motion to dismiss a Pocahontas Gas petition ruling for drilling unit E36, based on arguments concerning 100% ownership and pre-existing voluntary pooling agreements, leading to a discussion regarding Virginia Code section 45.2-1620 and an emerging argument under section 45.2-1622.

The meeting addressed organizational matters, including approving the circulation of the agenda and previous meeting minutes, conducted virtually due to quorum concerns. Key discussion points involved clarifying procedural rules regarding virtual participation based on distance thresholds, addressing technical feedback on attendee microphones, and discussing the next steps for filling board vacancies. A significant portion of the discussion centered on reviewing and finalizing the overdue Annual Report, including specific edits related to project details (e.g., removing redundant language concerning the Seal East area and updating recommendations regarding research, development, and innovation opportunities, as well as federal development impacts). There was also a tangential discussion suggesting a potential future renaming of the organization to broaden its scope beyond offshore wind to general maritime development.

The meeting addressed two main items. The first was a petition from Krock Energy LLC for the creation of a seal gob unit and force pooling unit for the Powers Bridge Number One, which involved confirming lease status, notification procedures for all interest holders (including unknown parties), proposed well depth, estimated reserves, and well cost. The board approved this petition, naming Krock Energy as the operator. The second item involved a petition from Diversified Production to transfer the right to operate all established units from Summit Appalachia LLC to Diversified Production. This item was continued from the August hearing. Diversified provided updates confirming that they had cured notification issues as requested by the board in August, including sending certified notices and publishing in the Bluefield Daily Telegraph, and confirmed they are making payments to mineral owners.

The meeting commenced with introductions of board members, including managing conflicts of interest regarding specific agenda items. Procedural matters included approving remote attendance for several members. Key business involved the review and vote on the annual renewal of the escrow agent contract with First Bank and Trust for the term of January 1, 2026, through December 31, 2026, which was unanimously approved. The board also addressed a petition from Krock Energy LLC regarding the creation of a sealed gob unit and force pooling units, including confirming notice procedures, dismissal of certain respondents, defining royalty terms based on carbon credit monetization (12.5% royalty paid annually), and noting the removal of a shut-in payment provision. A separate petition was heard from Pocahontas Gas LLC requesting the disbursement of escrow funds for an inactive unit (W47), which involved settling proportionate shares for prior owners based on royalty split agreements before addressing remaining balances. Several coal owners were proposed for dismissal due to failed notification or being deceased.