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NATCHITOCHES - Northwestern State University will receive $4.4 million from a natural gas lease on 366.98 acres of university property in DeSoto Parish. A bid of $12,001 per acre was received by the State Mineral Board on behalf of Northwestern from SWEPI.
The bid from SWEPI was the only one received. In addition to the lease payment of $4.4 million, Northwestern will also receive 25 percent of royalties on natural gas produced on the property.
According to Northwestern President Dr. Randall J. Webb, the university plans to use revenues from the mineral lease to establish a permanent endowed scholarship fund to assist students and for non-recurring projects to enhance the campus.
The property located on three tracts 19 miles southeast of Mansfield was willed to Northwestern by farmer John Henry Crow, who died in 1972. NSU’s land is within the Haynesville Shale formation.
“We are grateful for this extraordinary opportunity to enhance Northwestern and will work to gain maximum benefit from this gift,” said Webb. “Mr. Crow’s generosity will help countless students for years to come and will make Northwestern a better institution.”
Webb said the scholarship fund would be used to attract outstanding students with high academic potential to Northwestern and assist the university in retaining students and increasing graduation rates.
“This is going to be a great thing for the students at Northwestern,” said NSU Student Government Association President Cody Bourque of Splendora, Texas. “It is positive that the university decided to use some of the funding in a tangible way to help students succeed.”
Northwestern has received lease payments from the Crow property for the past several years. Crow, a pecan farmer, became familiar with the university through his work with botanist Dr. Arthur Allen, a member of Northwestern’s faculty who is now retired. Allen worked with Crow to help improve the quality and quantity of his pecan crops.
The Haynesville Shale formation is a shale rock deposit located in northwest Louisiana and east Texas, covering all of part of DeSoto, Caddo, Bossier, Webster, Bienville, Red River, Sabine and Natchitoches parishes. Experts estimate that the Haynesville Shale play holds between 20-35 trillion cubic feet of natural gas, which would be one of the largest natural gas finds in the United States.
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