As we communicated to you over the past few days, Little Green Ark has reached an agreement with Paloma Barnett, LLC, over a non-surface oil and gas lease, which will allow them to access the minerals under your property without using the surface of your land. Here’s a quick recap of the deal, extended to all property owners within our expanded boundaries who haven’t already signed individually:
~ $22,000 per acre signing bonus;
~ 25% no cost Royalty (i.e., royalty payments are made to us before costs for production, distribution, etc. are deducted);
~ 3 year lease, with a 2 year option to extend, at a bonus amount equal to the bonus paid ($22,000/acre) for the initial lease;
~ Property owners to be paid by 10-business-day vouchers, to be exchanged for checks after the 10th business day, payment subject to approval of title.
~ The agreement includes mineral rights to the center of the street. (The only known exception to this is in Oak Valley Estates, which includes Oak Valley Dr.; part of Bonneville Dr; Sandy Oak Ct.; and Trail Oak Ct. The developer retained the mineral rights under those streets.)
It’s now time to start signing leases. The first signings will start this week, but will be only for the following 6 subdivisions in the northeast corner of our area. They are:
~ Alexander Place - All property owners on Sausalito Dr.
~ Greenwood Hill Addition - Property owners from 4606 Lester Dr. thru 4717 Lester Dr.; all property owners on Ironwood Ct. and Basswood Ct.
~ Oak Valley Estates - All property owners on Oak Valley Dr.; property owners from 2800 Bonneville Dr. thru 4904 Bonneville Dr.; all property owners on Trail Oak Ct. and Sandy Oak Ct.
~ Quail Hollow On The Lane Addition - Property owners on all streets.
~ Whisperton Addition - Property owners on both streets.
~ Wooded Acres Addition – Property owners on all streets.
Lease signings for those property owners will be as follows:
~ Location - Lake Arlington Baptist Church
2912 Little Road
~ When – Mon – 3/24/08
- Mon – 3/31/08
~ Time – 5:30 – 8:00PM, both dates
Lease signings for other property owners within our area will be announced soon.
Things to bring to/know about the signing meetings:
~ All names on the property title must sign the gas lease. Married couples must both sign.
~ All lease signing property owners must bring a photo ID to the meeting. Can be a driver’s license, passport, or government issued ID card.
~ Out of town property owners can be handled by courier service, if need be.
~ If names have changed since the property was purchased in a Warranty Deed, then you need to also bring the following:
~ If divorced – A divorce decree.
~ If a spouse has died – A probated will, Affidavit of Heirship, Trust agreement documents.
~ If a name has changed – Proper paperwork filed to prove so.
~ If someone else can sign for an individual or individuals – Power of Attorney paperwork.
~ If the property is in the name of a Trust – Copy of the Trust.
Filed under: Uncategorized | Leave a Comment »