Property owners in North Richland Hills and Watauga are organizing to try and improve their lease offers.
The North Richland Hills Mineral Alliance is meeting 7 p.m. Tuesday at the Life Church, 7850 Davis Boulevard in North Richland Hills. Bob West, an oil and gas attorney fresh off of assisting in the negotiation of a community lease in North Benbrook, is speaking.
Lease offers in the North Richland Hills-Watauga area offer signing bonuses of $1,500 to $4,000 per acre, 18-25 percent royalties, and five-year terms, the group reports. "The lease form that you will be required to use will be vague, will probably leave you open for potential problems in the future, and will probably give the gas company the right to charge a greater portion of the production and sales costs to you before calculating your royalties," the group says on its web site. Click here to visit the site.
The group says it wants to improve on the bonus and royalty offers and negotiate "customized leases designed to protect the mineral rights owner."
-- Scott Nishimura
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