Nottingham (G.P.) agrees to deal with Carrizo

The Nottingham Gas Lease Association, in northern Grand Prairie straddling the Tarrant-Dallas county line, announced Saturday it has reached a deal to lease its mineral rights to Reagan Energy Services, working on behalf of the driller Carrizo Oil & Gas.

The terms of the lease it's recommending to members are:

• $16,000-per-acre bonus for a three-year initial term
• 25 percent royalty
• Optional two-year renewal, with another bonus of $10,667 per acre
• Checks to be handed out at the time of signing

The group had declined other offers from competitors, but Walt Stell, who sits on the group's membership committee, declined to name the companies or say what the terms were.

Nottingham, whose website can be found here, expects to have its members start signing the leases by Sat., May 31. The location is expected to be at the Hampton Inn at Carrier Boulevard and Texas 360, Stell said.

Here's what we've said about this group previously when it was first starting to organize late last year.

The boundaries for Nottingham are:

• North Carrier Parkway on the east
• Duncan Perry Road on the west
• Sunnyvale Road on the north
• East Avenue K on the south

--David Wethe