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Gas Leasing Committee
XTO Energy Gas Lease Agreement
of March 20th, 2008
Dear Residents:
Recently XTO Energy mailed Gas Leasing Agreements to the residents west of Crosswind Dr. and north of Skylake Dr. The terms are $10,000 per mineral acre, 25% royalty, 3-year leasing term and a “No Surface Use Agreement”.
While on the surface this appears to be a reasonable offer, there could be items in the details of the lease that may not be advantageous to us as a neighborhood. As such, we request you DO NOT SIGN at this time until the Gas Leasing Committee has had an opportunity to assess this lease agreement.
The Gas Leasing Committee will be doing the following for our residents:
· Continue negations with XTO; initially we were offered $2,000 & 20% royalties now we are being offered $10,000 and 25% royalties, a great increase for waiting 5 months, but other HOA’s have received significantly more for their gas leases agreements.
· Organize Gas Leasing meeting with the neighborhood residents, tentatively within one month.
· Engage an Attorney to give an assessment of the current lease agreement.
· Review this lease agreement and benchmark it against other leases in the Barnett Shale.
· Unify the neighborhood to receive better terms. Those that have historically fare better than those that have not.
With the current situation of energy cost going ever higher, this lease may not be in our best interest. Please hold your lease agreements and DO NOT SIGN at this time until the committee has completed the due diligence on this offer.
There is power in numbers!
Please email comments and suggestions to glad@elcpoa.org.
Thank You,
Carl Wilson
President, 2008 - President@elcpoa.org
817.566.2963 x 715
Gas Leasing Ad-Hoc Committee Member - glad@elcpoa.org
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