TCU signs natural gas exploration lease

Fort Worth, TX

8/7/2007

TCU today announced that it signed a lease with Four Sevens Resources Company, Ltd., to drill for natural gas north of the football stadium in remote campus parking. The decision to sign the lease follows meetings with neighborhood leaders, faculty, staff and students to address their questions regarding safety, noise and traffic related to drilling. Four Sevens was appointed the university’s natural gas operator by the Executive Committee of TCU’s Board of Trustees last spring after a review of proposals submitted to the university as part of a request-for-proposal process.

“We invested major time and effort to negotiate a lease that satisfies our concerns and addresses neighbors’ concerns to the best of our ability,” said Mr. Brian Gutierrez, TCU vice chancellor for finance and administration. “As a result, we anticipate an efficient process from start to finish.”

The drilling site will be monitored, appropriately secured with fencing, and inspected throughout the drilling procedure by state and local officials. Truck traffic will be routed to streets away from dense neighborhood areas to minimize traffic congestion and city noise ordinances will be followed. Parking will be relocated to other university parking lots.

Drilling will occur between the months of January through July in 2008, 2009 and 2010. Drilling will not occur during football season. Once drilling is complete, the university will landscape the site with trees and shrubbery and secure the area with attractive wrought iron fencing.

Any funds secured through drilling will be placed in the university’s endowment, a decision made by the TCU Board of Trustees last spring.

“I am pleased we have been able to review the safety and traffic concerns of those most impacted by this gas exploration -- neighbors, faculty, staff and students,” said TCU Chancellor Victor J. Boschini, Jr. “The resources acquired through gas exploration will better enable TCU to offer an excellent university experience,” said Boschini. “This includes providing a campus where students live and learn in a diverse, technologically advanced environment in classrooms with a small student-to-faculty ratio. It also means more opportunities for scholarships.”

TCU’s decision to drill follows a long line of other Metroplex organizations pursuing natural gas exploration opportunities. These organizations include the City of Fort Worth, Tarrant County Community College, the Fort Worth Independent School District, Colonial Country Club, and the Dallas Fort Worth International Airport.