Gas Lease Information
UPDATE: May 24, 2010
An agreement has been reached with XTO for property owners wishing to renew their mineral rights for gas leases. XTO has agreed to offer a standardized lease the neighborhood association feels is acceptable.
This lease is a contract between individual home owners and XTO, the association is not a party to this contract. To lease or not to lease your mineral rights is an individual decision made by each homeowner.
The Fairmount Association has just taken the step to offer neighbors the best knowledge available to help make the best possible decision. Please beware that offers are being made in the neighborhood for total buy-outs of your mineral rights. If you sign these contract or cash the checks offered for a total buy-out, that will be the last compensation you will ever receive and you will have no legal rights to how those minerals are extracted from your property.
To not sign a gas lease, or to sign a gas lease, is an individual decision that each family must make on their on. In an attempt by your neighborhood association to always provide the most accurate information to help in your decisions on gas drilling, the follow information is provided. The information provided is merely guidance for those interested in signing a gas lease and should not be seen as a recommendation for or against signing a lease by the Fairmount Neighborhood Association.”
An appointed committee of members of the Fairmount Neighborhood association have been meeting to develop the best gas lease to protect the neighborhood. You may have read in the newspapers over the last many years of neighborhoods developing protective terms in their contract leases Our attempt will be to try and develop a standard lease with safety, historic preservation, noise reduction, truck traffic, and general welfare of the neighborhood in mind.