|By PR Newswire||
|February 13, 2014 10:41 AM EST||
DALLAS, Feb. 13, 2014 /PRNewswire/ -- A Fort Worth-based oil and gas exploration company filed a lawsuit against the City of Dallas on Thursday after the company paid more than $19 million to secure oil and gas leases on city property and invested far more in the project, only to have drilling permits on three separate tracts denied by the Dallas City Council.
The lawsuit claims breach of contract, fraud and unconstitutional taking/inverse condemnation stemming from written and oral assurances made by former Dallas City Manager Mary Suhm and other Dallas officials in support of Trinity East Energy's plan to drill for natural gas in the Barnett Shale geological formation deep under 3,600 acres of uninhabited and undeveloped portions of west Dallas.
According to the lawsuit, Trinity East ultimately invested more than $30 million in an attempt to extract natural gas conveyed to the company through its lease purchases. The company's total losses over the lifetime of the wells exceed several hundred million dollars.
"This is about a deal, plain and simple. We had a deal with the City of Dallas and they went back on it," says Stephen Fort, President of Trinity East Energy. "The city made promises to us and took our money. They sold us minerals but then denied us the ability to extract them."
Facing a $90 million budget shortfall in 2007, city leaders raised much-needed revenue by asking energy companies, including Trinity East, to submit proposals to lease city property and drill for oil and gas. Trinity East worked closely with city officials to design the necessary system of equipment on remote, uninhabited city property, much of which is in a flood plain and cannot be developed. Currently there are more than 2,000 wells located in the flood plain in and around Dallas County.
Besides the $19 million signing bonus, terms of the lease included a 25 percent ongoing royalty on the natural gas produced, which potentially would have paid out hundreds of millions of dollars for Dallas taxpayers over the life of the wells. In addition, the ad valorem tax base created on producing minerals would have paid the city, county and school district a large stream of income over the same period of time.
While the Trinity East lease clearly notes the company's right to drill on selected city-owned tracts, the lawsuit also states that Trinity East proceeded with the lease purchase based on assurances from city staff – including a letter signed by Ms. Suhm. The letter also underscores that Trinity East was relying on those representations in closing the transaction. However, after the leases were finalized and paid for, and after five more years of work by Trinity East, the Dallas City Council voted in August 2013 to deny all three of Trinity East's permits to extract the natural gas that the company is entitled to under the lease terms.
For more information on today's filing, please contact Mark Annick at 800-559-4534 or [email protected].
SOURCE Trinity East Energy
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 27, 2016 06:15 AM EDT Reads: 2,504
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 27, 2016 05:15 AM EDT Reads: 2,478
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 27, 2016 05:00 AM EDT Reads: 697
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 27, 2016 05:00 AM EDT Reads: 1,894
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 27, 2016 04:45 AM EDT Reads: 3,112
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 27, 2016 04:30 AM EDT Reads: 2,151
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 27, 2016 04:15 AM EDT Reads: 2,268
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 27, 2016 03:00 AM EDT Reads: 2,056
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 01:45 AM EDT Reads: 2,094
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 27, 2016 01:30 AM EDT Reads: 1,954
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
May. 27, 2016 12:45 AM EDT Reads: 2,718
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 12:45 AM EDT Reads: 2,781
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 27, 2016 12:15 AM EDT Reads: 1,361
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 27, 2016 12:00 AM EDT Reads: 1,164
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 27, 2016 12:00 AM EDT Reads: 3,055