Columbiana County signs shale gas lease worth $3.2-Million - WFMJ.com News weather sports for Youngstown-Warren Ohio

Columbiana County signs shale gas lease worth $3.2 Million

Updated:

LISBON, Ohio - A new shale gas lease agreement signed by Columbiana County Commissioner Mike Halleck, on behalf of the board, will bring a record $3.2-Million to the county's coffers.

The lease with DPS Penn, an agent for Chesapeake Energy, is for approximately 550-acres of land owned by the county.

Columbiana County will receive $5,850 for each acre, the highest fee ever paid to any government entity.

Halleck, who is the Chairman of the Board of Commissioners, says a portion of that money will go in to an escrow account in the form of a loan to help the Buckeye Water District with a lawsuit.

Halleck said the full board will have to decide exactly what it wants to do with the rest of the money, but he expects some will also go towards repairs to infrastructure in the county, including boilers at the courthouse and a new roof at the jail.

"Of course we would like to re-establish a rainy day fund. We had that back in the 90s and it's certainly beneficial," Halleck said.

The county could also receive more money according to Halleck. He says that would be in the form of royalties once drilling on the land begins.

  • More From wfmj.comHot ClicksMore>>

  • Koko, the gorilla who knew sign language, dies at 46

    Koko, the gorilla who knew sign language, dies at 46

    Thursday, June 21 2018 1:44 PM EDT2018-06-21 17:44:19 GMT
    Koko, the gorilla who mastered sign language, has died in her sleep at the foundation's preserve in California's Sana Cruz mountains on Tuesday.More >>
    Koko, the gorilla who mastered sign language, has died in her sleep at the foundation's preserve in California's Sana Cruz mountains on Tuesday.More >>
  • Serena Williams: Young boys need domestic abuse education

    Serena Williams: Young boys need domestic abuse education

    Thursday, June 21 2018 1:43 PM EDT2018-06-21 17:43:35 GMT
    (Photo by Charles Sykes/Invision/AP). Professional tennis player Serena Williams appears at an event to launch a national street art campaign with Allstate Foundation Purple Purse to make domestic violence and financial abuse visible, at TicTail Market...(Photo by Charles Sykes/Invision/AP). Professional tennis player Serena Williams appears at an event to launch a national street art campaign with Allstate Foundation Purple Purse to make domestic violence and financial abuse visible, at TicTail Market...
    Serena Williams says young boys, and girls, need to educated about the dangers of domestic abuse.More >>
    Serena Williams says young boys, and girls, need to educated about the dangers of domestic abuse.More >>
  • Science Says: What makes something truly addictive

    Science Says: What makes something truly addictive

    Thursday, June 21 2018 1:43 PM EDT2018-06-21 17:43:27 GMT
    (AP Photo/Ahn Young-joon). FILE - In this Wednesday, Dec. 11, 2013 file photo, a college student plays a computer game at an Internet cafe in Seoul, South Korea. On Monday, 18, 2018, the World Health Organization said that compulsively playing video ga...(AP Photo/Ahn Young-joon). FILE - In this Wednesday, Dec. 11, 2013 file photo, a college student plays a computer game at an Internet cafe in Seoul, South Korea. On Monday, 18, 2018, the World Health Organization said that compulsively playing video ga...
    Video game "addiction" decision renews debate over whether behaviors can cause same kind of illness as drugs.More >>
    Video game "addiction" decision renews debate over whether behaviors can cause same kind of illness as drugs.More >>
Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms