Three neighborhoods have gotten together in South Arlington to negotiate a stronger lease deal for natural gas drilling, and they plan to announce their deal at a meeting this Friday at the Church on Rush Creek.
The groups are:
- Villages of Fairfield Neighborhood Association
- North Cravens Community Group
- Harold Patterson Community Association
We've told you previously about the offers coming to the duo that is Villages of Fairfield and North Cravens. Now, Harold Patterson has joined the gang.
The Church on Rush Creek is located at 2350 SW Green Oaks Blvd. in Arlington. Meeting runs from 6 to 9 p.m.
Here's what the Villages of Fairfield site says about the upcoming meeting:
We have received a record breaking offer of $xx,x00 per acre based on 100% mineral right ownership. The number will be revealed at the April 4th meeting and at that time signing dates will also be announced.
So, far the highest pending bid for the group's neighborhoods is from Dale Resources, which is leasing land for Chesapeake Energy. It's for a bonus of $17,000 an acre and 25 percent royalty for a three-year term. But Carrizo Oil & Gas has made a verbal offer of $15,000 an acre and 25 percent royalty for the same three-year term.
The current record for a natural-gas deal is at $25,000 an acre and 26.5 percent royalty for a five-year term from XTO Energy, signed by Fort Worth Eastsiders.
-- David Wethe
(Photo: Harold Patterson Sports Center)