The East Trinity Mineral Leasing Committee is well on its way to getting its members signed up for the lease it agreed to last month.
The Euless group, which consists of the Stone Hollow Addition and the Park Hollow Addition subdivisions, is recommending that its members sign the offer from Cheaha Land Services, which is representing Carrizo Oil & Gas.
The lease includes a $19,000 per-acre signing bonus, a 25.5 percent royalty and an initial three year term with an option to re-sign for another two years at $12,667 per acre.
Dale Property Services later sent competing offers of $17,000 an acre, a 25 percent royalty, a two-year primary term and a two-year option.
The Euless group has already held four signing meetings and two more are planned. They are:
- Sat., May 10
- Sat., May 17
Both meetings are from 9 a.m. to 4 p.m., at the Airport Freeway Church of Christ. That's at 210 Airport Freeway in Euless.
--David Wethe
Wow!
Couldn't resist commenting at this time. The proverbial "bubble bust" has come for the time being and at one point we were asking for what was record bonus money ($19,000 NMA)! Now this deal looks very good and our timing was pretty good too! I wonder if we will be doing this all over again in another 2 - 3 years? If you were a volunteer, thank you again!
Posted by: Doug Hackett | November 03, 2008 at 03:36 PM
Flora Dallo and Dave Williams are organizing a BBQ this Sunday, June 29th. It will be located in the North Cul De Sac at Stone Hollow Way and Slick Rock Chase.
This BBQ is to celebrate and thank those involved in the ETMLC efforts to obtain a better lease agreement for our property owners than originally offered by the gas companies.
Posted by: Doug Hackett | June 23, 2008 at 12:50 PM