FAQs in holding pattern

I’m still searching for answers to the questions that you asked this week. I alluded to one of those question in the previous post, i.e., what are signing options for property owners who don’t live nearby or may even live out of state or who may be out of town on signing dates.

I’ve sent a list of questions to Paloma to see if they can provide some answers. As I noted previously, Paloma has many deadlines they are trying to meet around North Texas so I may not get all the answers.

In the end, all of the details of our gas lease deal will be spelled out in an overview document that will be provided by Paloma and which I will link to once it is received. So, regardless of whether I get answers this week or not, the questions you have will, ultimately, be answered. It’s just that due to Paloma’s tight deadlines they may not be answered until we receive the overview document. I just want you to be aware.

I’ll keep on the trail and post answers as they come to me. Thanks for understanding.

No contract signings this week

There will not be any contract signing this week. Initially, Paloma thought they might be able to schedule the first contract signings this week. However, they’ve had to push their schedule back by a few days due to their volume of work and several other hard deadlines that they’ve previously agreed to in other deals they’re involved in around North Texas.

The new first day for our group is tentatively scheduled for February 7, 2008. I want to stress that this date is TENTATIVE. Once Paloma confirms that date, hopefully by week’s end, I will inform you so that you’ll have time to make plans. Don’t worry, once confirmed those dates will be announced here and via email in BIG, BOLD letters!

I appreciate everyone’s understanding that these scheduling issues are somewhat fluid. Sometimes changes in deadlines or schedules with groups that Paloma is trying to wrap up cascade down and affect other groups, such as ours. Paloma has assured us that they are doing all of the preparation work for our group’s signing dates, they just need a bit more time.

Also, I’ve asked Paloma to inform us what options will there be for property owners in our group who either don’t live in the area or will be out of town and may miss the signing dates once they are announced. When I receive an answer to that question I will let everyone know.

Gas Lease FAQs post coming soon

Many of you are asking some good questions. I will be putting up a post with those Questions and Answers, hopefully, by tomorrow sometime. When I do get it posted I will alert our members by email to let them know that this info is available here on the blog.

Repost: Map of NEIGHBORHOOD GROUP area

In case some of you may have missed it in an earlier post, here is a map that roughly outlines the boundaries of our group’s area.

NEIGHBORHOOD GROUP area map

Reviewing the gas lease documents

Once Paloma provides us with the final contract copy I will try to set up a link here on the blog where you can download it so you can read it over before going to sign your contract. I’ll also try to link to the Letter of Agreement so you can read that if you wish.

There is NO Saturday (Jan. 26) deadline for our group

Some of our members have written and called us regarding several red and white lawn signs that have popped up in our area. Those signs read as follows:

DO NOT MISS OUT!

MINERAL LEASE SIGNING

ENDS SATURDAY!

http://swapo.info

FOR NEW NEIGHBORHOOD MAP

DISREGARD THESE SIGNS!!!! If you are a member of NEIGHBORHOOD GROUP the deadline for you is NOT Saturday. Our first signing day will probably take place this coming week. Therefore, our group’s last day to sign contracts probably won’t be for another month or so. It certainly would not be tomorrow!! So do not let these signs confuse you!

Again, just to repeat – If you are a member of NEIGHBORHOOD GROUP your signing dates will be announced to you in a couple of days. Disregard the deadline on the lawn signs as they do not pertain to our group.

The NEIGHBORHOOD GROUP Gas Lease Deal is Done!

Please forgive the lack of updates over the last week and a half. The Negotiation Committee experienced some unexpected challenges that threatened to derail our gas lease deal. However, those setbacks are history and the deal that was mentioned earlier in this blog is now done.

To remind everyone, the deal that we reached with Paloma Resources is for $16,850 per acre, a 25% royalty, and a primary term of 3 years with an option for 2 additional years. The Negotiation Committee worked very hard to get this deal. We are very pleased with the results and we’re sure you will be, too.

We know that you are ready to get this deal signed and receive your money. The contract signings will probably begin next week and take place over a number of days. As soon as Paloma lets us know the exact dates, times and location of where the signings will take place, we will confirm and pass this information along to you.

Important Note about Deadlines: Be advised that as of this moment there is no hard deadline by when Neighborhood Group members must have their gas lease contracts signed. I point this out because there is some confusion among members that live in the corridor between Park Springs Blvd. and Kelly Elliott Rd. just north of Green Oaks Blvd. Many have reported seeing red & white lawn signs that mention signing deadline of tomorrow, Saturday, January 26. This is NOT the case for our group. I will explain in my next post following this one.

The Negotiation Committee would like to thank all of you for your exceptional patience in getting to this point. We hope you are pleased with the outcome of the deal and we have you to thank getting us here. Thanks again.

Map of nearby neighborhood groups

You might find it interesting to see what other neighborhood alliances have formed in the south Arlington area to negotiate gas lease deals. Here is a map I created with the general boundaries of those groups. Much of this information was gleaned from the Barnett Shale Blog.

Map of SW Arlington neighborhood alliances (not a complete list)

Also, here a map of the general boundaries of our own group’s area.

Map of NEIGHBORHOOD GROUP area

Membership in NEIGHBORHOOD GROUP will be closing next week

Now that a tentative agreement with Paloma Resources has been reached, we need to finalize our member count.   If you live within the Neighborhood Group boundaries and are not a member of our group yet (as well as have not already signed a gas lease as an individual) you will need to have your information turned in by next Thursday, January 17, 2008 at the latest.  No exceptions.  After that, membership is closed.

If you know of someone who is still sitting on the fence, please advise them that time is running out.  All they need to do is a) download the Neighborhood Group member info sheet b) fill it out and sign it and c) get that information turned into to Bob Haelle at the address on the sheet. (Note: don’t mail this form if there is a chance it might not arrive before next Thursday).  This form does not bind you to anything.  It is just a form that states to Paloma that you wish to be considered as a part of our group in this gas lease arrangement. 

You are free to sign with anyone you please but if you decide to do so you are doing outside of our group’s purview and acting and negotiating as an individual.  In order to receive the contract considerations that are being negotiated, you must be on our roster as part of our group by next Thursday.   Good luck.

So what happens next?

As I reported earlier, we have reached a tentative agreement with Paloma Resources but there is still work to be done.   Bob and Randy will be meeting face-to-face with the Paloma representatives to work out further details including a formal letter of agreement, the gas lease contract itself, as well as the timeline to completion.  This includes arranging a series signing meetings for homeowners, procedures for disbursement of monies, etc. 

This has not taken place yet.   Rumors are creeping up that are straying from the facts of the matter.   The bottom line is if you did not receive instructions or an update in the form of an email from Bob Haelle in your “Inbox” then it is rumor and you should dismiss it. 

This situation with Paloma is still unfolding.  As we meet, discuss and reach agreements the process will begin to take shape as it should.   Also, as we pass each of these “milemarkers” we will bring you up-to-date on them via email and this blog. 

Be advised that even though we have reached this tentative agreement, you are likely to receive personal offers from various individuals and/or entities regarding your mineral rights.  We ask that you remember that any update, alert or call to action for the group will come from Bob Haelle only and broadcast again by this blog.   So if you do receive another offer we ask that you please disregard so that we may finish what we have started together.

Thanks once again for your patience and endurance.