There are several interesting new developments in the gas lease/drilling activity for the NHMOC area.
In the past month, several of our south Hurst neighbors’ gas leases have expired. We attended a meeting in their neighborhood, and introduced the NHMOC. Over two hundred new members from those neighborhoods have joined us since that meeting. There is another meeting scheduled at the Friendship Baptist Church at 1248 Hurst Blvd. (Hwy 10) on Monday, June 28th at 7:00 pm to introduce the NHMOC to those who haven’t yet joined us. Our Attorney, Mark Nastri and some of our committee members will attend to answer questions.
Chesapeake has a meeting on Monday, June 14th at 7:00pm at the Hurst City Hall, with the City Planning and Development Department to request a permit for a well site at Hwy 10 and the Billy Creek intersection. This meeting is open to the public. Chesapeake has permits for three new wells at TCC at the north corner of the campus. The well paths cross Blvd 26 and extend into the Kroger/Health Markets shopping area.
Last weekend, our neighbors in Home Town received letters from Turner Oil and Gas who claim to represent Chesapeake. They are offering $2500 per acre for three year leases with 22% royalty. The Homeowners Association is planning to host a meeting and the NHMOC will make a presentation to them.
The Caffey Group has been sending mail outs to some of our neighbors in North Hurst and the Iron Horse area with an offer of $3250 per acre and 22% royalty.
Our sister coalitions , NETGLO and Hightower/WAMRA have accepted offers from Chesapeake for $5250 per acre for a three year lease, with an additional $2500 to extend the lease to five years if necessary, and 25% royalty. Our attorney, Mark Nastri, brokered those deals. So $5250 per acre plus a 25% royalty is our target; not $2500 per acre, or $3250 per acre. Our proposed lease form is 17 pages and includes built in protections for homeowners. In addition, our lease includes your property measured to the center of the street. This could increase your lot by 15% or 30% if you have a corner lot.
We expect new developments every week as there are leases expiring in several areas within our footprint. Make sure you are signed up for email alerts on our Website, and if you haven’t submitted your Memorandum of Intent to become a member of the NHMOC, you can do that online also.