Gas Lease Update |
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| By the end of July 2011, the majority of sub-surface mineral leases in Hidden Lakes will expire, unused. Most of these leases are held by XTO and the latest indication from them is they will let these leases expire since they have been unable to obtain drilling permits from Keller and to a lesser extent, Southlake. In addition to XTO, Chesapeake also holds some leases which are also nearing expiration since they never attempted to drill near Hidden Lakes. |
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| If you leased your mineral rights to a gas company or agent and they expire due to no drilling activity, you are free to entertain new offers for leasing from whoever has any interest. However, since the market and price of natural gas are well below that of 3 years ago, gas companies will not be offering very generous leasing terms. With resident input help, the HL Gas Leasing Committee will be monitoring the situation and again be available to bring some organization to the process, whenever natural gas companies decide it is time to start sub surface leasing again. In the past, committees operating on behalf of communities such as HOA's have obtained more favorable terms than individual offers from the gas companies. In order to get a sense of new leasing activity, if you are contacted and asked to sign such a lease, please contact gaslease@hlhoa.com with the relevant information. And watch the Hidden Lakes E-News for the latest in gas leasing information. |
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