Shreveport raises minimum per-acre for mineral rights
The city of Shreveport has raised the minimum per-acre it will accept for energy leases on city property.
The minimum is $27,500 per acre and a 25-percent royalty, the City Council voted Tuesday. It amended the previous minimum of $22,500 per acre, councilman Monty Walford said.
Energy companies looking to drill must obtain mineral rights from property owners. The city owns thousands of acres of parks, streets and rights of way.
City officials are making sure there are no more recurrences like a case during the administration of former mayor Keith Hightower, when the city leased mineral rights under Cargill Park and the city's two airports for $1 an acre plus royalties. That was done before energy companies began to aggressively pursue mineral rights for the Haynesville Shale.
The minimum is $27,500 per acre and a 25-percent royalty, the City Council voted Tuesday. It amended the previous minimum of $22,500 per acre, councilman Monty Walford said.
Energy companies looking to drill must obtain mineral rights from property owners. The city owns thousands of acres of parks, streets and rights of way.
City officials are making sure there are no more recurrences like a case during the administration of former mayor Keith Hightower, when the city leased mineral rights under Cargill Park and the city's two airports for $1 an acre plus royalties. That was done before energy companies began to aggressively pursue mineral rights for the Haynesville Shale.
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Replies to This Discussion
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Permalink Reply by Liz Cb2 on
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I thought that was part of the land they were negotiating on right now for lease. If that's the case, there was no production.
Maybe someone else knows more specifics than I do about that.
I agree with you about Bossier. I lived there for about 23 years and really liked it there. Bossier has really come a long way and I'm so glad to see it grow the way it has. As long as they can keep the criminal element restrained they'll continue to prosper. Some day I would like to move back.
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Permalink Reply by Rick on
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KB, it might be a good guy, but from this deal, it sounds like somebody that was wearing a Hood, he got the Gold and he's gonna bury it!??
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