Zilber Ltd. and Chesapeake Energy Corp., of Oklahoma City, have constructed two natural gas wells at Zilber’s Mountain Valley Lake single-family home development in Burleson, Texas, just south of Forth Worth.
The 1,000-acre development, which Milwaukee-based Zilber Ltd. acquired from a land subsidiary of Texas-based Bass Brothers in 1996, rests on top of the Barnett Shale Formation, which has produced significant natural gas production in the last four years, according to a Zilber Ltd. spokesman.
Zilber Ltd., a diversified commercial and residential real estate development and management company, began building homes under its Homes by Towne trade name that sell for between $130,000 and $200,000 on the Burleson property in 1998. The real estate company signed the agreement with Chesapeake Energy to explore for natural gas in 2005.
“Though our expertise is residential and commercial real estate, we’ve learned from Joe Zilber, our founder and chairman of the board, that opportunity comes in many forms and one should never pass up an opportunity,” said Art Wigchers, Zilber Ltd.’s president. “This was a great opportunity.”
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