White Chapel Corridor agrees to $22,500 deal

Just when you thought XTO Energy was starting to build momentum with its lease signings in the Barnett Shale, its rival Chesapeake Energy comes along and stops it.

The White Chapel Corridor in Southlake and a few other nearby neighborhood groups agreed last night to a deal with Chesapeake that will pay a signing bonus of $22,500.

Here are other terms of the lease:

• 25 percent, cost-free royalty
• 3-year initial term with an option for another two years and a second signing bonus of $18,000

The group that agreed to the deal includes Diamond Circle, Mission Hill Estates, Foxborough, Southview, Lakewood Acres, Summerplace-Highland, Oak Hill, Southridge Lakes, Chapel Downs, Coventry Manor, Fox Hollow, Ravenaux, Siena, Laurel Wood, Dove Area Gas Group, LaPaloma, Princeton and Shady Lane.

The group represents about 3,000 acres.

Chesapeake's previous high offer was $17,000 per acre for a signing bonus. XTO had gone without making a specific offer for a bonus but had said it wouldn't be outbid, Trenton Stillwell, the group's leader, has said previously.

Here's what we've said about the White Chapel Corridor previously.

--David Wethe

Comments

[rocketman]

Funny how this writer is still writing for this blog, when he is supposed to be moving to Houston.

[Community Organizer]

Howdy ya'll!

If you own real estate in one of the counties where there is drilling for the Barnett Shale's natural gas and you need advise and the best contract for all property owners including homeowners, business owners, ranchers, farmers, or inheritors of property, visit us on the web at www.BarnettShalePAC.com.

The Barnett Shale Political Action Committee is dedicated to helping you get the best deal for your mineral rights.

[Dr. Mike McLendon]

Thank you to all who participated in getting an exceptional lease.

[Susan Missimo]

In response to the July 3rd announcement that "SRL Minerals Committee
recommended the SRL HOA Board of Directors that the HOA lease the common
lands in our neighborhood as part of the agreement reached between
Chesapeake Oil & Gas Company and the White Chapel Corridor group", we would
like to exercise our right to be included to sign the same offer on the same
terms. As your records will show, we signed an questionnaire from your
office to have SRL negotiate the best mineral right terms on our behalf and
for the majority of our neighbors / residents several months back.
Obviously, we are pleased with the outcome.

In advance, we would like to thank you for processing our intentions and to
be included to sign the same offer on the same terms with Chesapeake Oil &
Gas. Please inform us on the next initiative to be taken. We can reached
at the contact information below. Once again, thank you for your
professionalism and support.

Warm Regards,

Susan Missimo

415 Southridge Lakes Pkwy
Lot # 65

email: dsmissimo@charter.net
H: 817.416.4628
C: 972.415.9963

[Anonymous]

I would be careful about the personal information you post on this (or any) blog.

[Elizabeth]

I'm not sure this is a done deal with Chesapeake. I heard that Dale Resources evidently tried to get everybody to sign blank leases???

[Elizabeth]

As of this week, XTO upped the offer and apparently a lot of people along White Chapel between Southlake Blvd. & Highland Dr. are now going to sign with XTO.