Scott Connolly with our Oil & Gas Committee received an initial offer from Chesapeake on 2-13-08. Chesapeake is interested in securing the mineral rights within our neighborhood.
The initial offer is significantly higher than the one received from XTO/Holland/Vargas.
The committee will make XTO aware of the competitive offer and request a response. The committee will also continue to communicate with Chesapeake regarding further details and shortcomings of the offer.
The Executive Committee recommends that no one signs with any gas company until we have secured a better offer. It is very encouraging to see that our neighbors recognize that our continued unity is our strength.
Please congratulate Scott and the other members of the Oil & Gas Committee for their fine efforts on our behalf.
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