I am having a lot of trouble with Petro-hunt as far as getting paid the right fractional amount. I was an owner in 5h and a fractional mineral right owner in four other wells, they paid me the same fractional amount for all five wells. I had some correspondence from someone else in the company claiming I had been paid at a much higher rate on the well that I invested in. Does this sound right?
We have had trouble with Petro-Hunt meeting the 150 day payment following a confidential well starting production. It took 9 months on well 1 and we are heading toward month 10 on well 2 with no payment as of yet. I hope you get your proper percentage straightened out with them.
John, I'm not following what you are saying. Can you add some more detail? When you say participated, you mean you wrote them a check for your proportionate cost of drilling?
On your first well that you finally got paid on, did you get paid the 18% interest on the portion past the 150 days? How long after the division order did you see first royalty payment? We too have a Petro-Hunt well (our first) and are 7 months out from them selling product off the site and have not seen a division order yet. We are trying to learn more of the process and understand how to deal with this process as needed. Any advice from you or others would be very much appreciated. Thank you in advance!
Gail Varenhorst said:
We have had trouble with Petro-Hunt meeting the 150 day payment following a confidential well starting production. It took 9 months on well 1 and we are heading toward month 10 on well 2 with no payment as of yet. I hope you get your proper percentage straightened out with them.
We did get paid 10/20 for well 2 that started producing 1st week in January. We did not get interest for the untimely payment on either well. They used title questions as reason for the first one but simple phone call to get the answer would have avoided any delay. Don't know what the reason was for the recent one not paying the interest for days beyond 150. Has anyone been paid the late payment interest from Petro-Hunt?
Garren Hartman said:
On your first well that you finally got paid on, did you get paid the 18% interest on the portion past the 150 days? How long after the division order did you see first royalty payment? We too have a Petro-Hunt well (our first) and are 7 months out from them selling product off the site and have not seen a division order yet. We are trying to learn more of the process and understand how to deal with this process as needed. Any advice from you or others would be very much appreciated. Thank you in advance!
Gail Varenhorst said:We have had trouble with Petro-Hunt meeting the 150 day payment following a confidential well starting production. It took 9 months on well 1 and we are heading toward month 10 on well 2 with no payment as of yet. I hope you get your proper percentage straightened out with them.
Has anyone been paid the late payment interest from any company?