Four Sevens matches $15,000 bonus

Norm Stemple, head of the Mistletoe Heights Neighborhood Association drilling committee, sent residents an email Wednesday announcing that Four Sevens Energy has matched Fort Worth Energy's $15,000 per acre lease bonus. Berkeley residents began signing similar leases from Fort Worth Energy (on behalf of XTO Energy) on Tuesday, and Ryan Place residents are scheduled to do so on Oct. 30, followed by Mistletoe Heights on Nov. 1.

Here is the text of Stemple's note to his members:

Today (Wednesday, Oct. 24) at 5:30 PM I received a phone call from Four Sevens/Chesapeake telling me they are matching the $15,000./acre signing bonus.  The lease as sent last Friday remains the same. Verbally CHK states that the well site is along 8th Ave and the compressor is more than 1000 feet away.  However the lease states the well site is over 200 feet from any home and the 1000 foot distance is only from Berkley and Ryan Place, NOT Mistletoe Heights.

I have reliable information that the proposed compressor for CHK will be between Baylor All Saints and MH which is much closer than 1000 feet. (See Chesapeake's response above - ed.) Restrictions on truck traffic and gas transmission lines through MH are also not included in the CHK lease. The well site along  8th Ave is NOT acceptable for our friends in Berkeley and Ryan Place. It is important to understand these environmental differences.

A reminder that the sign-up for XTO will be at Colonial Country Club on Nov. 1 This is the lease recommended by the MH Gas lease committee.

UPDATE: Click here for the full report on the Berkeley/Ryan Place/Mistletoe Heights lease deal.

-- Jim

Comments

[Clayton Jones]

I live in the Bellaire Park North subdivision of Tarrant County. I received a letter dated October 16, 2007 from Carla Petroleum, Inc. on behalf of XTO for a proposed lease offering a $5,000 bonus and 25% royalty. After reading about Ryan Place and Mistletoe Heights, I would encourage Four Sevens Energy to counter Carla Petroleum’s offer to the residence of Bellaire Park North. Chesapeake may not win out in Ryan Place and Mistletoe Heights, but they sure could outbid XTO in Bellaire Park North!