Friday, May. 16, 2008

3,000 Acres of Neighborhoods Seek Gas Lease

Hundreds of Southlake residents have put the ball in gas companies’ court by offering a common natural gas lease for about 3,000 acres.

Two big neighborhood groups, the White Chapel Corridor and the Southlake East Corridor, have joined forces with several other neighborhoods to produce common lease language. They have asked the gas companies to respond this week.

The lease sets strict limits on the appearance of the wells and noise. Both groups have received bonus payment offers from Chesapeake Energy for $17,000 an acre, but the lease has been sent to other companies competing for leases in the area, including XTO.

According to a press release sent out by the group, "The lease encourages gas companies to move forward quickly and 'completely’ develop the area."

In other Barnett Shale news, the Southlake City Council is expected to vote Tuesday on its various drilling ordinances.

— Staff Report