PIEDMONT, Ohio -As we've reported, the board of the Muskingum Watershed Conservancy District has announced a 50% reduction in assessment taxes due to a deal with area oil and gas companies.
More on that deal has now been released.
According to reports, the agreement is worth around $15,000 per acre - an amount more than twice the previously known high payment for Marcellus and Utica shale exploration in the Upper Ohio Valley - Antero Resources is expected to d drill on more than 6,300 acres at Piedmont Lake.
The resulting payment of nearly $95 million to the MUSCD - not including the 20 percent of production royalties that will come once Antero begins extracting oil and gas from the property - this money will help the district reduce the amount of taxes it collects from eastern Ohio landowners.
During the Friday meeting, members voted to approve the lease with Denver-based Antero. The Wheeling Intelligencer and News-Register report that another 300 acres of the Piedmont property is being finalized to be added to the lease later. The vast majority of the lake itself lies in northwestern Belmont County, and stretches into southern Harrison County as well as the extreme northeastern corner of Guernsey County.
District leaders said they followed the same public input process prior to leasing Seneca Lake property in Guernsey and Noble counties in 2013, also to Antero.