Does anyone have experience with BancFirst Trust Department Mineral Management? Are you pleased? Are they quality services? Responsive and reliable?
Thank You,
M. D. Wood
We have not had any experience with BancFirst but we have had experience with Trust departments. In our case, there was a fees for everything you can imagine. A fee for the accountants, the attorneys, the Landmen, the Trust manager and even a fee for printing out all the reams of paper that they sent to report on our monthly statement. Today, I imagine most reporting can be done online but there will still be fees associated with management of your minerals. My wife decided that the arrangement was not sustainable and decided to manage the interests on her own with the assistance of a good O&G attorney and advice from this forum. We have had to learn a lot and still are. However, the experience is interesting, rewarding and a lot more $$ is staying in our bank account not theirs. That is our humble opinion.
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What does their fee schedule look like?
In my experience, trust departments at banks drop the ball a lot. They usually sit on their hands and don’t do anything (missing opportunities) to cover themselves from any management liabilities/lawsuits. Find yourself a good landman to help you out and incentivize them well.
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