Just so our friends at the FWWeekly can't claim we don't give them their due, we admit it, we got beat on our own damn story today.
On with the news. Fort Worth Eastsiders (Greater Meadowbrook Mineral Leasing Task Force) have confirmed the FWWeekly report that the huge neighborhood bloc has negotiated a record-breaking gas
lease deal. Terms include a $25,000-per-acre bonus, 26.5 percent royalty, and five-year term from XTO Energy. The $25k is the highest negotiated neighborhood bonus we know of in the Barnett Shale to date, and the 26.5 percent is a record as well.
It's not the 30-30 deal the task force asked for, but they're taking it.
"In addition, we were able to win the support of XTO in an agreement not to drill anywhere in the neighborhoods within the boundaries of the negotiated lease area, save and except two drill sites in industrial areas immediately adjacent to the Union Pacific rail line on our southern border," says one of the organizers, "Machete" Mike Tansey, an "embedded software test engineer/F-16 Mission Planning Systems" for Lockheed Martin.
The agreement covers the 4,100 acres of neighborhoods in th
e area bounded by Riverside Drive, Interstate 30, east Loop 820, and the Union Pacific Railroad.
The associations involved are Brentwood Oak Hills Neighborhood Association, Central Meadowbrook Neighborhood Association, West Meadowbrook Neighborhood Association, Chimney Wood Homeowners Association, and Eastern Hills Neighborhood Association. Click here to visit the group's web site.
What property owners should now expect, Tansey says:
- Receive a lease packet from XTO within the "next day or two...with all the information needed should you want to sign the Greater Meadowbrook Oil and Gas Lease."
- Packet will include a letter from the Task Force, copy of the letter of intent signed by the neighborhood presidents, a copy of the lease form, and a schedule of signing parties for the area that will begin March 31. "You may attend any of these scheduled meetings to sign your lease and/or ask questions."
-- Scott Nishimura
(Photos: Meadowbrook Park, Eastern Hills football)