HomeMy WebLinkAboutContract 36161-A3 NOTICE,OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NA gffCN%I.'MUMAY REMOVE OR STRIKE ANY OF THF;FOLLOWING INFORMA -�3
INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR
SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
AMENDMENT AND EXTENSION OF OIL, GAS AND MINERAL LEASE
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF TARRANT §
WHEREAS, CITY OF FORT WORTH, a home rule municipal corporation of the
state of Texas, whose address is 1000 Throckmorton Street, Fort Worth, Texas 76102
("Lessor") executed that certain Oil, Gas and Mineral Lease dated November 19, 2007,
but effective November 19, 2007 unto November 19, 2009, a Memoradum of Lease of
which is recorded as Instrument# D207425260 of the Official Records of Tarrant County,
Texas, covering lands more specifically described therein (the"Lease"); and,
WHEREAS, Lessor and Lessee now desire to amend the Lease and extend the
primary term of the Lease by an additional one (1)year as hereinafter set forth.
NOW, THEREFORE, for good and valuable consideration in hand paid to Lessor by
Lessee, the receipt and sufficiency of which is hereby acknowledged, Lessor does hereby
amend the Lease to read as follows:
"The primary term shall extend to November 19, 2010, and for as long
thereafter as oil, gas or other minerals covered hereby are producing in paying
quantities from the leased premises, or from land pooled therewith, or the
Lease is otherwise maintained in effect pursuant to the provisions hereof."
It is understood and agreed by the parties hereto that the provisions hereof shall
supersede any provisions to the contrary in the Lease. For adequate consideration,
Lessor does hereby adopt, ratify and confirm the Lease, as amended hereby, and does
hereby stipulate that the Lease remains in full force and effect. Insofar as is necessary,
Lessor does hereby lease, let, and demise to Lessee the lands covered by the Lease,
pursuant to the terms and provisions of the Lease, as of the Effective Date set forth
herein.
The terms and provisions hereof shall be binding upon the parties hereto, their
respective heirs, legatees, devisees, personal representatives, successors and assigns.
IN WITNESS WHEREOF, this instrument is hereby made effective as of the 19th day
of November, 2007, regardless of the actual date of execution and acknowledgment by
any or all of the parties constituting the Lessor herein.
LESSOR:
CITY OF FORT WORTH
By: ��-saw—•
Assistant City Manager
V'TTEST
contract Authorization
oA\
City Secreta Osie
APPROVED AS TO FORM AND LEGALITY:
Assistant Ciit Attorney
Date: ��`�1�� OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
"LESSEE:
CHESAPEAKE EXPLORATION, L.L.C.
an Oklahoma limited liabi' comp
By:
Henry J. oo nior ice esident—
Land and Legal&Genera Counsel
ACKNOWLEDGEMENT
THE STATE OF TEXAS §
COUNTY 01= lA R 1ZA L/-r- § §
I hi5instrumen was acInowwlle"ddged before me on this the day ofbere-V1<��Zt' ,20 , by
Fs
* —MARIA S.SANCHEZ Not ry Public, State of Texas
;_
i; MY COMMISSION EXPIRES
`I . December 14,2013
,vr.
STATE OF OKLAHOMA )
COUNTY OF OKLAHOMA )
This instrument was acknowledged before me on thisVj�day of 2009,by Henry J.
Hood,as Senior Vice President-Land and Legal&General Counsel of Chesapeake Exploration,L.L.C,on
behalf of said limited liability company.
"OW"i t�Pulic
My Commission Number:_ = r 0esaM
My Commission Expires:_ =N EXP 10115 Q
M&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA Foe_ TxrH
COUNCIL ACTION: Approved on 12/8/2009
CONTINUED FROM A PREVIOUS WEEK
DATE: 11/17/2009 REFERENCE NO.: C-23916 LOG NAME: 06COBB PARK
LEASE
CODE: C TYPE: NON-CONSENT PUBLIC NO
HEARING:
SUBJECT: Approve Extension of the Cobb Park Lease Agreement with Chesapeake Exploration,
L.L.C., for a 12 Month Period in the Amount of$126,018.00 for Natural Gas Drilling Under
42.006 Acres, More or Less, of Cobb Park Properties
RECOMMENDATION:
It is recommended that the City Council approve the extension of the Cobb Park Lease Agreement
with Chesapeake Exploration, L.L.C., for a 12 month period in the amount of$126,018.00 for natural
gas drilling under 42.006 acres, more or less, of Cobb Park properties not currenity being produced.
DISCUSSION:
On October 30, 2007, (M&C L-14410) Fort Worth City Council approved the acceptance of a lease
agreement for a two year term with Chesapeake Exploration, L.L.C., for natural gas drilling under
152.4438 acres, more or less, of Cobb Park. The lease was executed and effective November 19,
2007. The lease is being amended administratively to bring the total acreage to 176.9608 acres,
more or less. Additional bonus will be received for the amendments in the amount of$122,585.00.
In addition, the southern portion of Cobb Park, 134.95 acres, is included in the Novikoff and Morrison
Units and wells have been drilled thus keeping a portion of the lease acreage in active status. The
remaining 42.006 acres, more or less, have not been included in a drilling unit. Chesapeake
Exploration, L.L.C., has requested an extension of the Cobb Park lease for the 42.006 acre portion
outside the Novikoff and Morrison Units for a 12 month period. Additional bonus of$3,000.00 per
acre will be paid for the 12 month extension of the lease for a total additional bonus of$126,018.00.
All other terms of the lease will remain in effect including MWBE participation, no surface use of park
property and the provision of 25 percent royalty. Staff and the City's mineral asset management
consultant, Midkiff Oil and Gas, evaluated the offer and recommend approval of the lease extension
for the 42.006 acres of Cobb Park outside of the Novikoff and Morrison Units.
In accordance with the City's Mineral Management Consulting Agreement, City Secretary Contract
No. 37980, the net transfer to the City is estimated to be $120,347.19 for the extension.
Revenues from this lease will be administered in accordance with the current City Council Policy on
Gas Revenues.
The property is located in COUNCIL DISTRICT 8, Mapsco 77M, 78J and N.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that the Planning and Development
Department is responsible for the collection and deposit of funds due the City.
TO Fund/Account/Centers FROM Fund/Account/Centers
C282 446100 801929961800 $126.018.00 C282 531260 801929961800 $5,670.81
M&C Review Page 2 of 2
Submitted for City Pvlanager's Office by: Fernando Costa (6122)
Originating Department Head: Susan Alanis (8180)
Additional Information Contact: Jean Petr(8367)
ATTACHMENTS
06COBB PARK LEASE Map.JPG