Friday, Oct. 03, 2008

5,000-Acre Area Coalition Endorses Lease

By Scott Price

Staff Writer

The Bedford-Colleyville Mineral Rights Coalition, which includes about 10,000 homeowners in Colleyville, Bedford and Grapevine, announced this week that it has a lease deal for homeowners’ natural gas rights.

The coalition endorsed the lease proposal from Titan Operating, LLC and Caffey Group, LLC. The deal includes $25,000 bonus payments per net mineral acre and royalties of 25.5 percent.

Any property owner in the BCMRC area can choose to sign the proposed lease.

The area includes approximately 5,000 acres.

"The total bonus payments under the proposal will be in the range of $125 million, with environmental and other lease provisions that are better than any other part of the Mertroplex and comparable to those received recently by CAMRA [Colleyville Area Mineral Rights Coalition]," said Rick Wollin, a spokesman for BCMRC.

According to the coalition, in addition to the city ordinances, Titan/Caffey will house any compressors required to deliver the natural gas to offsite pipelines or gathering systems, and has agreed to a number of other provisions that address noise, air and water quality, fencing, landscaping, lighting and road usage.

See www.bc-mrc.org for information about the lease proposal, a schedule of lease signing events, and a map of the coalition area.