Alex Webb,
Thank you!
You are welcome!
Mr. Rooney, check with others, $700.not too bad, but the royalty/percentage is too low. Also, as I have been told, and made a terrible mistake myself, never take the 1st offer. Look around and see what others may be getting, try for more...percent..I hear is never more than 25%...I currently get 18.75 percent. 1/8 =12.5
When I made my last post, my ignorance of the practices of banks and natural gas companies had stymied my collection of royalty payments. However, a very knowledgeable blog member quickly posted a solution to my problem. The solution required a form that I had not received. I obtained and mailed it to the company; I was then informed that my royalty payment would be in the Sept. 28th royalty payment mailing.
I have said it before, but this is an outstanding group. The form arriving when it did was a nice coincidence.
What's Wrong with EOG? I have an interest in four wells that went into production in March and I've still not received a payment or division orders from EOG. Obviously, they're selling the oil. Is this common practice for EOG???
Mr. McBride we just received our initial payment and division orders from EOG on our two new wells that have producing since January. Yes, they have been selling the oil during the previous months and are behind in sending out the DOs. We are still waiting on a couple of others that were in the same production timeline. It seems to be typical of EOG from what I have heard recently.
Mr. McBride, if the operator is late paying you and it is not because of a title problem, they owe you interest. Many operators pay late, most mineral owners do not even suspect that they could get interest on past due royalty. I think EOG is one of the better companies and it may be helpful for you to contact them and inquire if there is a title issue or something else wrong. You can't fix what you do not know is broken. I have heard of people waiting a year after they should have been receiving royalty payment to contact a company and to be informed that they needed to do a probate to be put into pay status [ could take up to two years ], another person in a like situation but it was a title mistake by the operator that was holding up payment, I have experienced one of these myself. The point is contact them, don't assume anything is going the way it's supposed to and see if you can help yourself and them.
Thanks to Mike and RW for the info. I'll follow-up with EOG.
Mr. McBride, additionally RW is correct. We had a late payment interest clause included in our lease but found out that EOG does not include that in the initial payment if it is overdue. You will have to send them an additional notice requesting that to be paid separately. Do Not Assume Otherwise! However, we have been very pleased with the response of EOG compared to other oil companies we have dealt with in the past. Good Luck!
They have 120 days to start paying under state law and owe interest after that date.
Yes, but all the oil companies we have dealt with over the years do not voluntarily send that payment without a request…FYI.
Does anyone have experience with a company called Addex? I receive letters offering to buy my mineral rights? Would it be better to sell or keep? Also, does anyone know the average time a well produces oil and gas?
Please let me know if you have any suggested additions to my list of online resources for mineral owners.
Anyone out there wanting to join in a law suit against chesepeake over a no cost royalty clause please let me know.
Does anyone know of leasing activity in Eastland County, Texas. This block was a marginal producer for many years until about 2000.
Does anyone have any information about Montague County? Are they still drilling?
For everyone in these discussions....
Do NOT do business with Ferrell Oil out of Oklahoma City. We had an offer to purchase minerals in Grady County, 11-03-06. Jim Meyer with Ferrell said he represents a college endowment fund and wanted to purchase our property for the school. We negotiated a purchase contract with them and was asked to fax it to them with our signature so they could show it to the school to get funding to close the purchase. He said it would take 30 days to do a title opinion. They, however, never did sign the contract and return it to us.
As it turns out, they are a broker and do not purchase property for their clientele rather than look for a buyer once you agree to sell to Ferrell Oil. They will want to issue you a 30 day bank draft and if they can't find a buyer for your property in those 30 days, they just don't pay the draft. We negotiated to be paid by ACH/Wire Transfer.
We will find another buyer but DO NOT do business with Ferrell Oil out of Oklahoma City unless you want to sit around, be lied to and then never get the deal closed.
Also be wary of them doing business under another name.
Hello ... I am owner/partner of a fluid management company and we are hoping to break into the shale play of Texas. We are looking at parcels (10 acres and up) for our location, but we are not familiar with the area.
Our problem we are not familiar enough with the industry in Texas, in as much as we are in the Bakken, where we have been the last two years.
We are hoping to get information on the transportation rates the oil companies are paying to transport water, and oil.
WE are most interested in transporting water from pre-construction of an oil well site to post-production.
Any information will be greatly appreciated...
Blessings to all..
I'd pick the area of interest & contact the major players ie Wise County, TX & surrounding area is Devon. RRC Mapping will show what's going on:
Thank you Ann … That helps considerably !!
DOES ANYONE HAVE ANY INFO ON ACTIVITY IN THE W.C. DALRYMPLE SURVEY AND J. H. MOORE SURVEY; LEASE NAME IS J C ROPER? LOCATED IN WISE COUNTY. RECEIVED OFFER FOR MY MINERAL RIGHTS IN THIS AREA.