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September 08, 2008

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The Southwest Fort Worth Alliance

The Southwest Fort Worth Alliance (SFWA) was first contacted by Vantage Energy on August 1, 2008. The SFWA negotiations committee first met with Vantage Energy executives on August 6, 2008, at which time Vantage Energy informed SFWA that Vantage Energy would be forwarding a formal written offer.

On August 15, 2008, The Overton Park and Overton West Representatives informed The Southwest Fort Worth Alliance that they were choosing to opt out of SFWA and that they had both, earlier that day, chosen to sign an XTO Letter of Intent drafted on August 13th and then signed by them both on August 15th.

The Southwest Fort Worth Alliance later received a first written offer from Vantage Energy on August 18, 2008. The August 18th Vantage Energy written offer included a memorandum of understanding of confidentiality, regarding the offer itself. SFWA honored this confidentiality only beginning on August 18th, as the Vantage Energy offer’s superior financial and contractual terms, which include a True No Cost royalty, were valuable enough to SFWA’s residents to merit such adherence.

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