The Colleyville and Southlake Natural Gas Situation
A recent article by the Southlake Journal’s Scott Price provided more details on why some Colleyville and Southlake Texas residents may have reason for concerns over recent plans to allow the drilling of a natural gas well at 7612 Pleasant Run Road.
Fort Worth based Titan Operating, LLC, a company specializing in oil and gas development, is trying to get the well drilling permit, plans to begin drilling as early as 2010 if all goes well and the permit is approved by the Colleyville Planning and Zoning Commission.
Colleyville and Southlake home values near the planned drilling location will probably be affected by the new project. The plans are for there to eventually be over a dozen wells drilled on the property. Area residents will need to attend the permit hearing that will be held on November 9th in Colleyville to voice their concerns.
Colleyville and Southlake homeowners that are opposed to the project may have their work cut out for them since the city has a proposed budget for how to spend the $6.2 million they have already received from Titan Operating, LLC for mineral rights. The funds are earmarked for several improvement projects.
Some Colleyville property owners will receive royalties for leasing their mineral rights to Titan and other natural gas companies. The article reported that some received a $25k signing bonus for each acre they lease for their mineral rights.
If the permit is approved, time will tell how profitable the endeavor is for Titan, the city and area residents. Titan Operating, LLC also has other active projects in Tarrant, Denton, Parker, Johnson and Ellis counties.
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