South Fort Worth neighborhoods team up on gas leases

In case you missed it, here is a Startlegram story on an alliance of neighborhoods which will work with the gas companies to hopefully create a lease form which is fair and which protects our neighborhoods. Overton West is part of this alliance.

Look for an email soon from Troy Tuomey. Troy will provide more details on recent developments.

Neighborhood Police Officer

What is a Neighborhood Police Officer (NPO)?

Overton West's NPO is Officer Laura Charlesworth:

Officer L.E.Charlesworth
Fort Worth Police Department
NPD 10 - NPO N512
Office: 817- 392- 4758
E-mail: laura.charlesworth@fortworthgov.org

Lots of Activity

XTO/Vargas on the one hand and Chesapeake on the other are both very interested in leasing our minerals. This week has seen a flurry of communications, and the current offers from both exploration companies are significantly higher than what our neighbors previously received in the mail - and higher than previously reported on this web site.


Keep checking your email and here for further updates. Again, if you know of neighbors who do not have email or do not check this web site, please keep them updated.

XTO increases offer

Likely in response to the superior offer our neighborhoods received from Chesapeake, XTO has increased its offer. We have not yet received the offer in writing, but I understand the terms include a $16,500 bonus per acre (with acreage calculated to the center of the street) and a 25% royalty.

This is a respectable improvement from XTO's previous offer.

It is possible that Chesapeake will counter-offer on our areas. We will keep you advised.

Kudos to the OWNA oil and gas committee as well as to the volunteer leaders from Overton Park and Overton Woods for their continuing efforts.

Wondering about the lay of the land?

OWNA President Troy Tuomey created this helpful map which outlines the various neighborhood associations involved in gas lease negotiations as well as possible drill sites for the exploration companies.

Chesapeake meeting

On Monday, February 18, 2008, committee members from Overton West, Overton Park, and Overton Woods met with representatives from Chesapeake. The meeting was informative and productive. Chesapeake made it clear that it very much wants to lease our valuable minerals. The oil and gas committees from all three neighborhoods are in contact with each other and are evaluating the competing offers from XTO and Chesapeake.

Initial Offer Received from Chesapeake

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.