Dale Resources made an unusual and far-flung pitch last night to lease mineral rights for about 5,000 acres in Northeast Tarrant County.
The offer is for a bonus of $17,000 an acre and a 25 percent royalty. The lease term is for three years and an option for a two-year renewal.
The offer was made to a packed room full of about 40 community leaders from Colleyville, Southlake, and parts of North Richland Hills and Keller. As neighborhood group leaders and HOA presidents spilled out of the small conference room at the Southlake Hilton after the meeting, at least one expressed intrigue and possible interest in the offer.
Michael Muhm, leader of the Pool Road Coalition, called the offer "very interesting." He said XTO Energy has a competing offer out to property owners in his group's area for a bonus of roughly $12,500 an acre. But he said his group is looking at not only the best dollar amount but who would also be the best drilling company for property owners to partner with, and he said Chesapeake is looking strong.
Digital Access For Only $0.99
For the most comprehensive local coverage, subscribe today.
Dale has also proposed 11 signing dates throughout the month of May in Colleyville.
Dale officials said the offer is good for anyone living in a large swath of northeast Tarrant, mainly southwest of 114. But the land company also did say that if there was not enough people that started signing, the offer could go down. A deadline date was not given for how long the offer would be good for.