Title
Consider Request by Atlas Resource Partners, L.P. to Assign that Certain Gas Lease By and Between Atlas Resource Partners, L.P. and the Mansfield Park Facilities Development Corporation (MPFDC) to Sage Natural Resources, LLC for MPFDC-owned Property Located at: 665 W. Broad Street.
Requested Action
Consider request by Atlas Resource Partners, L.P. to assign gas lease to Sage Natural Resources, LLC
Recommendation
Approve request
Description/History
The MPFDC and City Council approved by resolution in March 2007 to lease minerals to Carrizo Oil & Gas, Inc. on MPFDC-owned property located at 665 W. Broad Street. The lease requires the Lessee (originally Carrizo) to receive consent from the Lessor (MPFDC) if the Lessee intends to assign any of its mineral interests.
Carrizo previously notified the MPFDC and received approval to assign their mineral interest in the properties referenced above to Atlas Resource Partners, L.P. in April of 2012.
Atlas Resource Partners, L.P. has now notified the MPFDC by letter that Atlas Resource Partners, L.P. desires to assign its mineral interest in the properties referenced above to Sage Natural Resources, LLC.
Justification
As required by lease, Atlas Resource Partners, L.P. is requesting consent to assign its interest in the lease to Sage Natural Resources, LLC and that such consent not be unreasonably withheld.
Funding Source
N/A
Prepared By
Matt Young, Director of Parks & Recreation
matt.young@mansfieldtexas.gov
817-804-5798