Northcrest (West FW) owners get lease offers

Property owners in Northcrest, a small, affluent West Fort Worth neighborhood, report a lease offer from Four Sevens on behalf of Chesapeake Energy.

The terms include a bonus offer of $5,000 per acre, 25 percent royalty, five-year term, and no surface access operations, said Linda LaBeau, lindalabeau@sbcglobal.net, a professional mediator and Northcrest homeowner who is trying to organize her neighbors for a response to the offer.

LaBeau says she's passed out fliers in her neighborhood, the neighboring Rivercrest Landing, and to portions of Westover Hills that front Burton Hill Road. She's organized a community meeting, 6:30 p.m., Monday Dec. 17 at the River Plaza Building, 1701 River Run, Suite 607, and has asked property owners not to sign their leases at this point.

Northcrest is bounded by Northcrest on the north, Burton Hill Road on the west, and Catalina on the east. Merrick Street runs through the neighborhood. Westover Hills is to the west, and Rivercrest Landing adjoins the neighborhood.

LaBeau estimates Chesapeake has sent offers to 95 percent of Northcrest.

LaBeau says beyond the financial terms when she saw the offer, "I was predominantly interested in the fact that I did not know where the well site is going to be," and other factors such as the timetable and truck traffic.

Other portions of the West Side are also seeing leasing activity. Property owners in Crestwood -- bounded on the north and west by Rockwood Park Drive West, Greenwood Cemetery on the east, and White Settlement Road on the south -- report fresh offers from Four Sevens/Chesapeake that include a $10,000-per-acre bonus, up substantially from earlier offers. The offer also includes a 25 percent royalty.

The Arlington Heights Neighborhood Association also has been in negotiations with Chesapeake.

And several months ago, the Shady Oaks Country Club said it, the Westworth Development Authority, and Westworth Village had put together a several-hundred-acre block and were negotiating a gas lease. Rivercrest Country Club earlier this year was negotiating a gas lease. Ridglea Country Club has signed a lease with Chesapeake, and property owners in Ridglea Hills have received offers.

-- Scott

(Archive photo: Stringing holiday lights in Northcrest)

Comments

[Gregg Geesa]

So I guess this PFM offer of $1000.00 an acre and 20% royalties could be construed to be a slap in the face? I am deeply offended.

[lindalabeau]

Judge, Please contact me...lindalabeau@sbcglobal.net. You seem to have some valuable knowledge to share. Since Northcrest held its meeting this whole matter is exploding...no pun intended....I'm skeptical of the rush to get all of Tarrant County signed onto these deals. Thanks. Linda

[judge]

Google Judon Fambrough at Texas A&M University. He has an OGML booklet you can download for free.

[dfwdennis]

I live in the Creekwood Estates neighborhood of Grapevine, and have just received a lease offer for $3000/acre, 20% royalty.