A new neighborhood gas group -- and another crazy acronym -- has emerged in Grapevine, by the name of East of Pool Road Owners Group.
That's EPROG, for those of you still working on the letters.
The group, which formed during the first week in March, consists of 212 members and covers about 400 acres. It's website is easy enough, www.pooleast.com.
And its boundaries, all within the city of Grapevine, are:
- Pool Road on the west
- Hall Johnson Road on the south
- High Meadow on the north
- High Countryside Drive on the east
The group hasn't received any offers yet, and only some of the individual homeowners have received any, said Jim Heckman, the group's leader.
But land companies representing XTO Energy and Chesapeake Energy have both expressed interest, Heckman said.
The group is wedged between two more prominent groups: DFW West Homeowners, which agreed in April to a deal with XTO for an per-acre bonus of $18,500 and a 25 percent royalty; and Pool Road Coalition, which recently merged with the Colleyville Area Mineral Rights Association, and is considering competing offers from XTO and Chesapeake. The highest offer is from XTO for a per-acre bonus of $18,500.
--David Wethe
