By AMY GAREIS News-Herald Staff Writer
CADIZ – Harrison County leaders are signing an oil and gas lease that expects to add nearly $387,000 to its coffers.
On Wednesday, April 18, 2012, commissioners approved a resolution and agreed to enter into a lease with Chesapeake Exploration LLC that includes a total of 77.328 acres in Cadiz Township. The deal encompasses three parcels at the fairgrounds and land off of U.S. 250 near the Harry Heavilin farm.
“The Board of County Commissioners will be receiving $5,000 per acre and a royalty in the amount of 20 percent for a total payment of $386,640, pending a formal mineral search on all parcels,” said Commissioner Barbara Pincola. “This lease will be for a five-year primary term and an option to renew for an additional five years.”
Commissioner Don Bethel said the windfall would help the area. “I trust we as commissioners will use this influx of money to not only make Harrison County a better place, but also create a safe and welcoming environment for our citizens and their employees,” Bethel said.
Read a full account of the meeting in this weeks print edition of the Harrison News-Herald.