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Thursday, January 23, 2014

Shadyside School District Inks Impressive Lease Deal With Gulfport Energy

From The Intelligencer/Wheeling News-Register:
John Haswell understands the natural gas drilling lease the Shadyside Local School District signed with Gulfport Energy for $7,250 per acre and 20 percent of production royalties will not solve all the district's financial challenges.
But it sure helps.
"With just 20 acres, it's not a lot, but every little bit helps," said Haswell, who serves as both district superintendent and Shadyside High School principal. "It will help our budget this year, though, for sure."
Gulfport continues drilling productive wells throughout Belmont County, as the Irons 1-4 H well along Ohio 148 near Armstrong Mills is yielding about 30 million cubic feet of dry methane natural gas per day. Haswell has reason to hope the initial $145,000 lease payment for the district's 20 acres could be just the beginning for Shadyside.
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