Court approves updated lease offer from ConocoPhillips for small Kennedy parcel after contract revisions
The court approved a revised lease from Burlington Resources/ConocoPhillips for a 0.17-acre residential site at 201 Goliad Street in Kennedy with updated terms: 25% royalty, $2,500 signing bonus, removal of royalty-free produced gas/oil clause, and a nonsurface-use clause.
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County staff presented an updated lease offer from Burlington Resources Oil and Gas Company LP (ConocoPhillips) for a 0.17-acre parcel at 201 Goliad Street in Kennedy. Commissioners said the original offer included concerning provisions that allowed free use of produced oil and gas and broad surface use; the company submitted a revised offer that increased the royalty to 25 percent, added a $2,500 signing bonus and removed the royalty-free gas/oil provision while adding a nonsurface-use clause.
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