Authority seals water deal with Pickens (Posted By Mike Mecke)

$103M pact region’s largest water transaction

Posted: December 29, 2011

By Kevin Welch amarillo.com

There was talk of a “momentous occasion” and many thanks for making the largest water transaction in Texas Panhandle history final Thursday.

“I don’t think you owe me any thanks,” said wealthy oil and gas man T. Boone Pickens. “You paid for the water.”

The Canadian River Municipal Water Authority paid Pickens’ Mesa Water $103 million for about 211,000 acres of water rights, mostly in Roberts County in the northeast panhandle. The deal covers about 4 trillion gallons of water…………………………………………………………….

The water authority and Pickens have talked about water sales since about 1996, but the deterioration of Lake Meredith’s performance got everyone’s attention. Reaching a deal took nine months of serious negotiations after a phone call from Amarillo City Commissioner Jim Simms.

“He called and said ‘Lake Meredith’s drying up,’” Pickens said. “I got to feeling guilty. I didn’t want my family to say, ‘That’s one of the Pickenses that sold the water to Dallas.’”

http://amarillo.com/news/local-news/2011-12-29/authority-seals-water-deal-pickens#.TwNnIVZmkrp

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