Saturday, June 14, 2008

State Official says Haynesville Shale Leasing is like 'Gold Rush'

Marjorie A. McKeithen, Assistant Secretary of the Office of Mineral Resources for the Louisiana Department of Natural Resources, says that the Haynesville Shale leasing frenzy is like the gold rush.
The State of Louisiana has leased public land in Northwest Louisiana to the tune of $34,000,000 in bonus payments for the current fiscal year.
Twenty-five of the 38 leases were in Caddo, Red River and Bienville parishes. The average bonus was more than $13,400 per acre, while more typical prices in the past for north Louisiana have been about $400 per acre.
"In Caddo Parish, we had a bidding war going," McKeithen noted.
Six leases awarded in Caddo covered 2,167 acres, earning $28.2 million in cash bonuses. Several parcels were leased for $14,500 an acre, but the average was $13,000.
Twelve acres along Grand Bayou about 10 to 15 miles north of Coushatta drew $141,000 in bonus payments. A portion of the acreage inches slightly into Bienville Parish.
In Red River Parish alone, four leases covering 346 acres along Red River brought $5.5 million in bonus payments. The average price for an acre was just under $16,000. One tract earned $17,000 an acre.
Meanwhile, the City of Shreveport hosted its first Haynesville Shale informational meeting, known as Haynesville Shale 101, at the Convention Center, drawing over a thousand people.
The next meeting scheduled by the City will be next Saturday (the 21st) from 6 PM to 8:30 PM at the Convention Center. The City has also posted a new website just to deal with Haynesville Shale issues.
Some info from The Times

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