The lease agreement that Reserve signed with the Kanawha Board of Education calls for the school board to receive 12.5 percent of the proceeds from the sale of gas that is collected from the well.
The school system also will receive 200,000 cubic feet of free gas from the well. Wholesale prices for natural gas are currently about $4 per 1,000 cubic feet, which would translate to about $800 in free gas. The school system would receive a 10 percent discount on any gas it purchased after that 200,000 cubic feet.
Reserve Oil & Gas originally submitted plans to build three wells around the high school. Douglass said the company still has plans to build two more wells, but is focusing on one at a time right now.
Reserve Oil & Gas operates 157 active gas wells in West Virginia, according to DEP records. Douglass it has drilled about 85 wells in Kanawha County over the past few years, including three within Charleston city limits.
Also at the zoning meeting, the board cleared the way for a Charleston lobbying firm to buy the house owned by former state attorney general Darrell McGraw and former state schools superintendent Jorea Marple.
Once the sale goes through, the house across from the Capitol Complex on the corner of California Avenue and Quarrier Street will become the offices of Compensation Strategies, a lobbying firm that represents optometrists, chiropractors, podiatrists and Mountaineer Casino, among others.
The sale required a variance from the zoning board because the house doesn't have enough parking spots for the amount of office space.
The house is 2,600 square feet and has four parking spots. City regulations require businesses to have one parking spot for every 300 square feet of office space.
Chad Robinson, a lobbyist with Compensation Strategies, said there will be just three employees working in the office and there are very few visitors who would park on site.
Robinson also said his existing office, a few blocks away on Washington Street, could provide overflow parking.
Husband and wife McGraw and Marple lost their jobs in November, when McGraw was defeated by current Attorney General Patrick Morrisey and Marple was fired by the state Board of Education.
Staff writer Jim Balow contributed to this report.
Reach David Gutman at david.gut...@wvgazette.com or 304-348-5119.