An Ohio school district is getting in excess of $400,000 from a Colorado-based drilling company.
The Barnesville Exempt Village School District in Belmont County has signed a lease on about 63 acres with Antero Resources.
It was approved two weeks ago.
The agreement will provide $5,700 per acre to the district. The contract also calls for a 20 percent royalty.
That will provide a one-time payment of $362,602.
The company added an additional $37,500 to the school district.
The money will be used for needed capital improvements, school officials said.
The drilling will take place in the next two years, school officials said.
No drilling will take place on school property but the horizontal wells could run under school property.
The company offered similar lease terms to the village and many of its residents.
The company has two rigs working in the Utica shale. It is active in Belmont, Noble and Monroe counties in Ohio.
It has 12 rigs working in the Marcellus shale.