I have mineral interests in Section 4, Township 5 North, Range 4 West and Section 33, Township 6 North, Range 4 West, all in McClain County.
It is my understanding that Casillas Petroleum made their first sale from the horizontally drilled Coop Well on 03/21/18. It is now 12/03/18. This well is drilled across the mineral interests I have in both sections. Yet; to my knowledge division orders have not been sent. I realize that I’m owed 6% interest on my royalties after 09/21/18, but would like to know if anyone has an update on the situation with regard to Casillas Petroleum and the Coop Well. Thanks, Pete
I have a similar situation with Casillas in McClain Co 34-6-4 with the Tecate well. Spud date was 12 months ago, and it’s been producing since March. Still no division orders. I send an email to [email protected] on a regular basis to get an update. They respond promptly. Last reply said they had a couple of wells before mine to send division orders out on. You might try emailing them. It’s good to have a response in writing.
Pete and Glenda, unless there is a problem with title to your mineral interest which results in a delay in payments, the interest rate is 12%. This link https://newsok.com/article/5590284/royalty-payment-interest-rates-adjusted, is from the Oklahoman last April. The Oklahoma chapter of NARO and other royalty owner groups represented by attorney Terry Stowers worked hard to keep this 12% from being taken from us when the existing law was modified.
Peter:
I’m in the same boat and have been told by Emily Kirby that I will get the 12% statutory interest that I have requested. You need to request the same in writing of some form, letter or via e-mail. You can find her
at [email protected]
Repectfully,
Todd M. Baker
Thanks for the correction on the interest rate. Pete
Todd; thanks for the contact Info. Pete
See: 52 O.S. Section 570.10"(D)
“where proceeds from the sale of oil or gas production or some portion of such proceeds are not paid prior to the end of the applicable time periods provided in this section, that portion not timely paid shall earn interest at the rate of twelve percent (12%) per annum to be compounded annually, calculated from the end of the month in which such production is sold until the day paid.”
Unless there is a serious question of ownership, you are entitled to interest.
Richard Winblad
Richard; Thanks for the information, much appreciated. If this goes on much longer, I may need to enlist your services. Pete
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I was told by Casillas today that the pay decks are being finalized and division orders will be issued this month for the Coop 1-33-4-WXH