DFW Airport approves drilling lease with Chesapeake

Local News

August 8, 2006

Other airports taking advantage of dual-purpose property

Anonymous The Weatherford Democrat Tue Aug 08, 2006, 09:35 AM CDT

Galen Scott

gscott@weatherforddemocrat.com

The DFW International Airport Board of Directors Thursday unanimously approved a lease with Oklahoma City-based Chesapeake Energy Corporation to begin natural gas exploration below the Airport’s 18,000 acres.

Chesapeake will pay DFW $181 million in initial bonus and a royalty of 25 percent on all gas produced after the lease is approved by the Dallas and Fort Worth City Councils.

Per federal aviation requirements, airports generally need a lot of open space to protect the safety of people both in the air and on the ground. Much of that undeveloped acreage is batting an eye at energy companies eager to develop the gas-rich Barnett Shale.

Jeff Fegan, CEO of DFW International Airport, called the DFW deal possibly one of the largest single lease opportunities remaining in the Barnett.

“The drilling will create jobs and business opportunities for a number of local firms and the revenue will keep costs down for the airlines that operate here, making our airport even more attractive to new airline competition,” he said.

In addition to DFW Airport, several dozen wells were reportedly drilled under Fort Worth’s two other airports, Alliance and Meacham. Airports in Oklahoma City and Tulsa are also drilling for oil and Denver International Airport has reportedly brought in about $1.7 million a year since drilling began on its 33,000 acres ten years ago.

Mineral Wells Airport is owned by the City of Mineral Wells but lies mostly within the boundaries of Parker County. The airport had its minerals leased more than 20 years ago, according to airport manager Bobby Bateman.

He said two or three producing wells have already been drilled on the airport’s land, which totals about 500 acres.

In addition, Brian Engel, a public affairs manager for Devon Energy, confirmed the acquisition of a drilling lease on acreage owned by the Parker County Airport along Interstate 20 outside Hudson Oaks. He said the company plans to drill toward the end of the year.

As drilling rigs go up at DFW, known as the third largest airport in the country, derricks and drilling pads will become part of the scenery as passenger airlines prepare to land and first-time visitors get their first taste of Texas.

Around 250 potential drill sites to be developed from approximately 20 well pad sites on DFW land have been identified, according to a Chesapeake news release.

Bateman suggested passengers unfamiliar with drilling rigs may not recognize the towering structures at night, but probably could during the day.

“I’m sure that most people would relate that right to the TV show Dallas,” he said.

Almost all of DFW’s 18,000 acres are available for exploration, and more than 9,000 acres are available for surface drilling. DFW updated its construction and fire prevention standards and added a chapter to specifically address oil and gas exploration and production. All drilling activities require permits from DFW, which must be approved by the FAA, and drilling is not expected to impact airfield operations.

Because of Federal Aviation Administration height restrictions, Bateman said the drilling rigs at DFW would probably be, “a pretty good ways off from the runways.”

Including an estimated $750 million of capital needed to fully develop approximately 470 billion cubic feet of unproved natural gas reserves, Chesapeake’s all-in acquisition cost to develop the DFW leasehold is estimated at $1.98 per thousand cubic feet of natural gas.

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