"Schools Fill Budget Holes With Fracking Revenues"

"In late July, the Blackhawk School District, 40 miles northwest of Pittsburgh, joined a handful of other school districts in Pennsylvania looking to cash in on the state’s natural gas boom."

"In a vote of seven-to-one, the school board agreed to lease 160 acres of the district’s land to Chesapeake Energy, the largest holder of mineral rights in the Marcellus Shale region, which lies underneath Pennsylvania and neighboring states. At $2,000 per acre, the lease terms grant the district more than $300,000 upfront. If Chesapeake successfully extracts gas from below the district’s property, the schools would earn an additional 15 percent royalty on the profits."

Ben Wieder reports for Stateline August 30, 2011.

Source: Stateline, 09/01/2011