The DFW West Homeowners group in Grapevine reports it has accepted a lease deal with XTO Energy and its representative, Colt Exploration.
The terms: $18,500 signing bonus, four-year primary lease term, one-year extension option for $11,500 per acre, and a 25 percent royalty. The drill site would be north of Highway 26, Kevin Rhodes, one of DFW West's organizers, told homeowners in an email message.
"We will notify you as soon as the final lease is negotiated," Rhodes says in the email. "We anticipate having multiple lease signing meetings and possibly mailings for those who cannot make it to the meetings."
-- Scott Nishimura