CHORD purchased Oasis (who still drills for them) and another company…maybe XTO? Anyway, CHORD is (and has admitted to relatives) they are WAY behind on royalty payments since this purchase. This month we have several CHORD checks that did not come, one did, others didn’t. They are drilling more wells and I hate to have to be worried about getting paid. Seems like they’ve taken over a lot of Williams/McKenzie Counties.
- How can we get the payments back on track
- Do they have to pay interest if all of a sudden royalty payments stop?
- Does any agency monitor this at all?
Thanks in advance.
Hopefully you have copies of your old check stubs for the missing royalties. Send a certified letter return receipt to the CHORD division order or revenue department and request payment immediately. Give them your address, well name and number, decimal amount from your older last stub. No agency monitors this as the agreement is between the mineral owner and the operator. Be sure and save all royalty statements for seven years. You can scan and store in the cloud, but you need for IRS purposes and for situations like this.
Thank you! I will give them a few more days and then proceed as you indicated. They are just so far behind, and now I have more wells coming that they will have to pay us for. I appreciate your help and the time you devote to this group.