CRMWA TENTATIVE AGREEMENT WITH MESA WATER SOLIDIFIES CRMWA
MEMBER CITIES’ WATER FUTURE
Officials from Mesa Water and the Canadian River Municipal Water Authority (CRMWA) announced today that they have reached a preliminary agreement on the terms of a deal that would result in a sale to CRMWA of approximately 211,000 surface acres of water rights currently owned or controlled by T. Boone Pickens and Mesa Water.
“We are pleased to have reached this point with Mesa Water”, said Norman Wright, President,
CRMWA Board of Directors. “The addition of these groundwater rights to those currently
owned by CRMWA further reduces our reliance on Lake Meredith as a source of supply. The
result of this agreement will benefit everyone involved and ensure that CRMWA is able to
continue its supply to Member Cities for generations in the future.”
CRMWA has agreed to pay approximately $103,000,000 for this nearly 4 trillion gallons of
groundwater in place. The preliminary agreement is not legally binding and will be followed by
a final purchase and sale agreement at a later date once full due diligence and financing
arrangements have been completed. The sale is expected to close in July or August 2011.
“When we started this project in 1999, we wanted to make sure people in the Panhandle fully
realized the value of the asset under their property”, said T. Boone Pickens, Chief Executive of
Mesa Water. “With this deal at this time, we have done that. This purchase and prior purchases
have put roughly $200 million into the Panhandle economy for local ranchers and landowners.
The Panhandle now has a reliable local water source that they can count on for hundreds of
years. This sale will include all of our co-owners who previously sold 50% to us in 2005. This is
a classic win-win transaction.”For more information:
Jay Rosser
Mesa Water
214.265.4165
or Kent Satterwhite
CRMWA
806-865-3325
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