Far
below the dusty, rugged landscape of the Texas Panhandle lies a
resource vital to the future growth and prosperity of the Lone Star
State.
That valuable
resource isn't oil. It isn't natural gas.
It's water.
In recent
years a growing number of landowners in Roberts County have recognized
the value and importance of the water rights beneath their land
and have taken steps to market those rights.
This
move has been spearheaded by the most famous rancher in the county,
AAPG member T. Boone Pickens.
In 1997
the Canadian River Municipal Water Authority bought 43,000 acres
of water rights in Roberts County from the old Southwest Public
Service Co. for $349 per acre. Based on that sale many landowners
realized their water rights are a substantial commodity, and in
the ensuing years they have positioned themselves to sell those
rights to a Texas municipality.
Pickens
said a sale could come as early as this year.
"There
is no question that Texas is going to have a serious water problem
in the not too distant future," Pickens said. "The population in
Texas is estimated to double by 2050, and that one statistic alone
illustrates why steps must be taken now to plan for the water needs
of the future population.
"We feel
these water rights in the Panhandle represent an excellent source
of water for a growing Texas city," he added.
Oilman
and entrepreneur Pickens will address Texas' water supply issues
and the unique opportunity for Panhandle landowners as the keynote
speaker at the Division of Environmental Geosciences luncheon on
Tuesday, April 20, at the Dallas Convention Center. His talk is
titled "Texas Water: Oil of the 21st Century."
Pickens,
who founded Mesa Petroleum in 1956, is today president of Mesa Water
in Dallas. In 1996 he founded BP Capital, a fund management company,
and one year later launched BP Capital Commodities Fund, which began
with $37 million and has generated cumulative profits of over $1
billion.
The DEG
luncheon begins at 11:30 a.m. DEG awards will be presented prior
to Pickens' talk.