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Has anybody else had any experience with Chesapeake Energy wanting to lease mineral rights for oil & gas wells in their neighborhood? If so, what was the outcome? I recall a news story recently about a neighborhood where everybody was expecting this windfall, but it required a new title search and survey which erased any $$$ benefits.
I'm wondering what percentage of the neighborhood has to accept the deal for it to go through.
Not getting in to too much detail, my brother is building a home between Joshua and Burleson, and has run in to Chesapeake. Be careful of the lawyers wanting to represent the homeowners, the one that approached them was a private attorney when the deal was signed, but is now an employee of Chesapeake. They are fighting because there is a well being prepared for too close to property lines, etc. I don't think the money is that great, and the sudden greedy side of your neighbors will be shown in full.
Our neighborhood has agreed to let them drill, but the rig will be at least 1/2 mile away. We will all get upfront money depending on size of home owners lots plus royalties. Money isn't life changing, but it is free.
So does any of this affect your property appraisal and the taxes?
Property value goes down at a rate of twice the amount they gave you... :rolleyes:Quote:
Originally Posted by cam76034
I don't really know this for sure, but isn't that the way most commercially compromised property values go?
Heyy Chesapeake is one of our main drilling competitors!
Do you mind sharing some location as to where your neighborhood is?
I can give you some more information about the process of drilling a rig and what they'll do if you want too. If its in a good field then maybe you guys can bargain for more $$ from them.
This is a residential neighborhood in Hurst known as Shady Oaks, between Airport Fwy & Harwood, east of Precinct Line. I have no idea where a rig might be located, other than a city park a couple of blocks away. There's just no open land anywhere near. Maybe they'll drill it at city hall!
Well they can actually drill the well straight down for a bit then completely horizontally in any direction up to a few miles actually.
But are you sure your neighborhood owns the mineral rights or does the developer own it? If the developer does which is in 90% of the cases then you'll be kinda SOL on the decision and may not see any money.
I'll have to find the title ppwk for it and see. These homes were built in the early 60's so I don't know if developers were hanging onto mineral rights back then on res developments.
I doubt it. Houses in my neighborhood were built in the early to late 90's. Homeowners own the rights.Quote:
Originally Posted by cam76034
Smith and Barfield Park? I grew up on Brookview Drive.Quote:
Originally Posted by cam76034
Wanna bet a dinner at Clarks? That is something that most homeowners do not have. Read your title and the sales documents from when you bought your house. ;)Quote:
Originally Posted by sammm
Just send me cash instead. ::BaHump::Quote:
Originally Posted by channelmaniac
Yep, one and the same. Brookview is second street behind Circleview south which is where we lived from 86 till 99.Quote:
Originally Posted by altiain
I have been.Quote:
Originally Posted by channelmaniac
Stimulating reading material.:rolleyes:
No kidding? I lived at 212 Brookview from '76 through '91. Where on Circleview South were you?Quote:
Originally Posted by cam76034
613, right around the corner from Smith Barfield park. Spent many a summer evening watching the kids baseball games there. Good neighborhood then and now.Quote:
Originally Posted by altiain
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Originally Posted by altiain
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Originally Posted by cam76034
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Originally Posted by altiain
::GrouphugQuote:
Originally Posted by cam76034
:clap: maybe later you 2 can get together and bake cookies! :cat:Quote:
Originally Posted by Majik
Just got back from a "community meeting" regarding the oil well deal. They will be drilling on the TCC campus and anticipate multiple wellheads there.
Also found out that most likely my property taxes will, in fact, increase as a result of this "improvement". So even though the college district and city and county, all of to whom I pay taxes, will reap a windfall from this find, most likely I'll end up paying more taxes while the aforementioned entities spend their newfound wealth like a bunch of drunken sailors, which is actually an insult to drunken sailors.
sounds about right