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.

Tentative deal reached with Paloma Resources

The NEIGHBORHOOD GROUP Negotiation Committee, after careful consideration voted unanimously, to enter into a gas lease agreement with Paloma Resources.  An offer has been made which matches the highest offers seen in Arlington – $16,850 per acre.  

The details of the lease agreement will be discussed at a general neighborhood meeting that will likely take place sometime this upcoming week.   Currently, there is no date set but Bob Haelle is coordinating that effort and we will advise you ASAP both via email and this blog. 

Many well-deserved thanks go out to the wonderful members of our group who were patient and diligent in staying the course in the face pressure to opt for a quick settlement.    This could have never been done without your support.  Look for more posts and email very soon.

Committee votes on proposed contract to be used

This is just a quick note to let you know that the Neighborhood Group Negotiation Committee met on Friday, Jan. 11th and decided on the contract model and verbiage that would make up the gas lease contract proposal.  The next step is to contact the gas company representatives to set a meeting to discuss an offer.  I’ll post more information as I receive it.