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3/22/08 - Click here for an email update from Leslie Gore of Paloma Resources

Updates:

The bonus checks should start arriving the week of March 17

  • The checks should include acreage to the middle of the street, highways, easements etc.
  • Check the accuracy of the check amount before cashing it, Paloma has recalculated the acreage since the signing dates and may have made an adjustment
  • If the actual acreage and the acreage noted on the voucher is less that 25% variance the check will reflect the amount on the voucher.
  • If the acreage on the voucher has a greater variance than 25% the check amount will be adjusted. And Paloma should have included a letter with the check explaining the variance.
  • If you have questions contact Paloma, their office is located at:
    • 1200 Summit Ave., Suite 860, Fort Worth, TX 76102
    • Their telephone number is 817-332-4900
  • If you have not sign a mineral lease and live in the SWAPO area and are interested in the SWAPO lease you should contact Paloma.

The article below was provided by the Wedgwood East Neighborhood Association which provides excellent details for calculating your own acreage.

Gas Leasing - Measuring your lot to middle of street
- by WENA Member Cheryl Fortner

If you don’t have a surveyed copy of your lot’s dimensions, you can get it at the Deeds and Records Office in the basement of the old Tarrant County courthouse downtown for $3.50. You’ll need to take a description of your property, such as Block 16, Lot 8. [**this is a “survey of [one’s] lot dimensions” which are lot measurements that appear on the neighborhood plats in the county clerks record library.]
Or you can try to contact your title company to see if they have an archived copy.

Once you have the dimensions, add to the length of the lot half the distance across the street. The street measurements should be on the surveyed copy. Most residential streets are 50 feet wide. Now multiply your new length by the width of your property. This will give you the number of square feet in your lot.
To convert this to acreage, divide the total number of square feet in your lot by 43, 560 (the number of square feet in an acre). The answer will be your acreage.

An example: The company had listed us as having 0.1807 acres. Our lot is 105 by 100. We live on a corner. Our street is 50 feet wide. So now the formula for calculating our acreage is: 145 by 125 = 18,125 divided by 43,560 = 0.416 acres. (Our lot alone was not 0.1807 acres, as it had been listed; it was 0.241 acres.)
This makes a difference not only in the bonus check for signing a lease but also in the royalty checks down the road