The last shoe drops: Titan terminates BC-MRC deal

Three days after suspending leasing with the Bedford-Colleyville Mineral Rights Coalition, Titan Resources on Wednesday told the big group that "all our efforts to lease mineral interests of members of BC-MRC are now terminated." Titan said it will not accept any new leases but is honoring drafts issued through Oct. 18. "It is our hope that new opportunities will occur for leasing activities in the future, and we appreciate all of the mineral owners in the BC-MRC," Titan said in an announcement sent the homeowners group. The group posted on its Web site a statement that it is "extremely disappointed and strong disagrees with this unilateral decision by Titan. It plans to consider all options at its disposal to seek to enforce the agreement which Titan has now repudiated, as should all individual members." The group estimates that Titan signed leases with 15 percent of its members, "but needs far more acreage within BC-MRC boundaries to form effective drilling units." It urged members to remain united and "not feel pressured to accept something less than what has already been offered and accepted just because of claims that competitive conditions have subsequently changed."

-- Jim Fuquay

Comments

[air yeezy shoes]

Thank you so much for writing this! I learned a lot and appreciate the perspective.

[Mike]

I'm in BC-MRC, and we signed our Titan deal on Oct 15. Glad to hear them say that it will be honored. Once that bank draft they issued us turns into real money in my account, I'll uncross my fingers. My neighbors who hadn't signed yet are not happy campers now.

Hey, JW: It's Jim Fuquay, not Jeff. Now your rude comment is laughable. Be nice!

[JW]

Chris,

Jeff Fuquay isn't here to hold your hand and be your advisor. He reports stories. Grow up.

[Land Pro]

the caffey group needs around 150 leases or so before they get paid from TITAN for the CATS area according to my sources. Then the offer will be withdrawn from the CATS area.

[Chris]

Don't expect Jim Fuquay to ever get back to you on that. Seems like he's just too busy.

[CATS member]

Jeff, where are you in Arlington? If you are in the CATS area, you are safe.

[Curious]

Where do you live in arlington? How much bonus/royalty did they pay you?

[JeffB]

Interesting developments.

I live in Arlington and just signed my lease deal with Titan, through Caffey, on Monday 10/20.

The blog above says, "Titan said it will not accept any new leases but is honoring drafts issued through Oct. 18."

I wonder if Titan meant no new leases from BC-MRC after 10/18, or if that applies for everyone. Like me. :-(

Any ideas???