Bossier council approves energy leases for city property
Created: July 25, 2008 09:26 AM     Modified: July 25, 2008 12:43 PM

The Bossier City Council this morning voted to put the mineral rights for all of the city's 3,300 acres of public property up for bid.

City Attorney Jimmy Hall explained the city's requirements for the lease and the council quickly voted, 6-0, for the administration to proceed with trying to obtain the leases that would let energy companies drill for oil and gas under city property such as parks and rights of way.

Bossier City will set a minimum bid of $27,500 per acre for energy leases and minimum 25-percent royalties, city officials said.

The state Mineral Board will auction the city's mineral rights. Bids are expected to bring in millions of dollars in bonus payments and oil and gas royalties through production of the Haynesville Shale natural gas field.

 

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