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Council to authorize oil and gas lease for small city tract; Diamondback to drill in fall
5465814 · July 24, 2025
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Summary
City staff recommended execution of an oil and gas lease with Diamondback Energy for a 0.13‑acre city property; Diamondback was the sole proposer and offered a $10,000 per net acre bonus and $1,500 for legal fees. Company representatives said drilling on the specific tract is planned for October–December.
Keith (city staff) told council that Diamondback Energy was the only proposer in a recent bid for a 0.13‑acre city tract and recommended executing the lease. Kyle Pierce of Diamondback told council the company plans to drill this tract in…
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