Wednesday, October 9, 2013

Leading U.S. homebuilders now are quietly witholding the mineral rights (including fracking rights) under the homes they sell

According to Reuters:
"All the smart developers are doing it," says Lance Astrella, a Denver lawyer who represents mineral-rights owners, including homebuilders, in deals with energy companies.
     Among the smart ones are private firms like Oakwood Homes in Colorado, the Groce Companies in North Carolina, Wynne/Jackson in Texas, and Shea Homes, which builds coast to coast. Publicly traded companies that engage in the practice include the Ryland Group, Pulte Homes and Beazer Homes, according to oil and gas attorneys and public land records.
     D.R. Horton, the biggest U.S. homebuilder, is a heavy user of the practice. The Fort Worth, Texas, company has separated the mineral rights from tens of thousands of homes in states where shale plays are either well under way or possible, including North Carolina, Alabama, Mississippi, Virginia, New Mexico, Nevada, Arizona, Oklahoma, Utah, Idaho, Texas, Colorado, Washington and California. In Florida alone, the builder has kept the mineral rights underneath more than 10,000 lots, a review of county property records shows.
Below a D.H. Horton video touting energy efficiency. Unsaid: Your D.H. Horton house will be even more energy-efficient if the company sells the fracking rights from underneath you and you are subsequently able to heat your home by igniting the tap water from your well!

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