Our Great City

The group known as “White Chapel Corridor” signed a record Southlake deal with Chesapeake Energy on July 1st for $22,500 an acre for a 3-year lease.

The group represent about 3,000 acres and the included neighborhoods are: Diamond Circle, Mission Hill Estates, Foxborough, Southview, Lakewood Acres, Summerplace-Highland, Oak Hill, Southridge Lakes, Chapel Downs, Coventry Manor, Fox Hollow, Ravenaux, Siena, Laurel Wood, Dove Area Gas Group, LaPaloma, Princeton and Shady Lane.

Leaders of the WCC and HOA Chairs has spent countless hours meeting with Chespapeake and XTO and came to the consensus that Chespapeake was the best company to drill the mineral rights. Chespaekae did come in as the highest bidder, but the group states that this was not about the bonus. Chesapeake put in many protections in the lease that have not been granted in ANY lease in Tarrant County previously and they took extra steps to protecting the interests of this group.

Other Terms of the Lease:

• 25 percent, cost-free royalty

• 3-year initial term with an option for another two years and a second signing bonus of $18,000.

Members will be receiving a copy of the lease from Chesapeake within a few weeks.

Good Job White Chapel Corridor!

Now let’s see what happens with Timarron!