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Shreveport aims for mineral leases on 740 acres
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SHREVEPORT, La. - Everyone on the Shreveport City Council agreed that the city should try to cash in on the Haynesville Shale natural gas boom. But it took two hours for council members to agree on how much to ask for.
They finally decided on at least $4,000 an acre plus a 25 percent royalty on extracted natural gas. That could bring the city nearly $3 million — about half the money cut from the budget this year.
Council members upset Mayor Cedric Glover by saying the city is broke. He said that undercut their bargaining position.
The council usually meets on Tuesdays. It held a special meeting Friday to get the property on the state Mineral Board's agenda for October.
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Information from: The Times, http://www.shreveporttimes.com
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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