Fort Worth developer Leonard Briscoe is now paying out bonus money -- after many property owners have had to wait more than a year for the cash.
Many were initially told they'd have to wait about 30 to 45 days to get the bonus after signing a mineral-rights lease.
The delay was caused by Briscoe looking for enough financing to pay out the bonuses and continue on with plans for drilling.
He said his Glencrest Resources company has signed about 3,600 leases in Fort Worth's Glencrest and Everman neighborhoods, as well in the nearby towns of Forest Hill and Mansfield.
Of that, Briscoe estimates his company has paid out about 1/3 of those, or roughly 1,200 property owners.
And the money has gotten better, he said.
Bonus payments have risen to $6,500 an acre, from $3,000 when many property owners originally signed around the end of 2006 and early 2007.
Briscoe is not saying how much financing he's secured or where it's from.
But Josie Brooks, who had originally been frustrated by not getting her bonus money, said she received a check for $2,925 and she was "really satisfied" with the money.
We'll have more on this in Wednesday's Star-Telegram.
--David Wethe
L. Brisco , " FOOL OF the WEEK ", Crook, Low Life, the list goes on and on, Did people wrong once will do it time and time again, Snakes bite and often they can't help themselfs
Posted by: one more well drilled today | June 02, 2008 at 05:09 PM
Has Brisco been to Jail, if so what for. Walks like a Duck, Quacks like a Duck , then it must be a Duck, FOOL of the WEEK, L. Brisco, stay tuned for the next FOOL of the WEEK,
Posted by: one more well drilled today | May 30, 2008 at 07:17 AM
http://fwbusinesspress.com/display.php?id=7612
Posted by: Horatio Handy | May 28, 2008 at 03:08 PM