Nottingham Gas Lease Association reaches agreement
On Saturday, the Nottingham Gas Lease Association (NGLA) announced that an agreement has been reached, recommending homeowners lease their mineral rights to Reagan Energy Service of Lafayett, LA, working on behalf of the driller, Carrizo Oil & Gas.
Nottingham Estate is located in the northern portion of Grand Prairie in an area north of Johnson Creek and west of N. Carrier Parkway.
Becky Swanson, NGLA Communication Officer, said that at this time there is no date for a signing session, but she expects signing to begin near the end of May.
Details of the lease agreement recommended to members are:
- No surface use
- $16,000 per acre bonus for a 3 year paid up term
- 25% royalty per acre
- 2 year paid up option to renew with a $10,667 bonus
- Checks will be disbursed at signing
