North Dakota - McKenzie Co Twnsp 146N Range 98W
Section 11 POJORLIE 21-2-1H
Last Royalties Received 12/23/2022 because I placed the Owner Account In Suspense
My family was previously receiving royalty payments from Continental Resources through my late fathers Trust. The monthly amount received was not only around $50 to $60.
I put the Owner account into suspense so that I could transfer the mineral ownership to the individual trust beneficiaries. Prior to the transfer however I found out that the Trust did not actually have an Oil & Gas Lease with Continental Resources. This was a surprise to me. I was advised to obtain a lease before transferring the ownership.
When I reached out to Continental to try to obtain a lease for the Trust they declined. I was eventually able to obtain a lease from Phoenix Capital Group Effective 12/18/2023. Subsequent to signing the lease the ownership of the minerals has been transferred. Continental Resources was provided all documentation regarding both the lease & the new ownership.
It has been 2 years since any payments have been received. When I reached out to them I was told that their records have been updated & that I now have my own individual owner account. Several months ago I questioned why I have yet to receive any royalty payment from current production or my share of the Trust funds that were placed into suspense. I was told that my owner account has not reached the $50.00 minimum balance. As I continued to try to understand how this could be based on the fact that it has been 2 years since a payment was made I have now been told that the oil & gas lease with Phoenix Capital Group would not be credited until the well hits 150% payout threshold. They cannot tell me when this will occur.
Has anyone had experience with this type of situation? Any input anyone could offer would be greatly appreciated.