Carroll County Commissioners Say Oil & Gas Company is in Default on Lease

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From The Times-Reporter:
Carroll County commissioners said that oil and gas exploration company Sierra Buckeye is in default on the lease agreement signed with the county in October 2012. 
The announcement followed a two-hour executive session regarding contract negotiations held during commissioners regular meeting Monday. 
Under the terms of the contract, Sierra Buckeye agreed to lease the oil and gas exploration rights for $2,250,000 for about 481 acres of the Atwood Lake Lodge property. The amount is $4,500 per acre. 
The county received the $2,250,000 last year. 
The contract calls for Sierra Buckeye to pay $1,500 per acre if drilling was not started within six months. If drilling doesn’t begin within three years, or if Sierra Buckeye chooses not to renew the contract, the contract calls for the company to pay the county an additional $6,000 per acre.
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