Oil and Gas 101: The Basics for County Boards of Education

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Over the past couple of months there have been more and more county boards of education discussing the potential of entering into the oil and gas leases. Although private landowners have been doing this for years, the new "hot landowner" being approached by developers are county boards. Since the discovery of the Marcellus Shale natural gas play, the rush is on in West Virginia for the acquisition of oil and gas rights. Your county board may be the next to have its door knocked. Some savvy county boards may even want to be proactive and initiate the process.

With regard to a county board of education being able to enter into oil and gas leases, West Virginia Code § 18-5-7 provides, "The board by the same method prescribed for the sale of school building and lands, may also lease for oil or gas or other minerals any lands or school sites owned in fee by it. The proceeds of such sales or rents shall be placed to the credit of such funds or funds of the district as the board may direct."

So, whether a county board of education has its door knocked, or begins to initiate the process on its own, several old maxims and proverbs you may have learned in Kindergarten can help you get the most out of your oil and gas experience.

Please see full article below for more information.

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Published In: Administrative Agency Updates, General Business Updates, Education Updates, Energy & Utilities Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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