Deborah,
Martha is right on most of the wells being shut down or almost shut in because of oil prices. They are only producing enough to keep them active. But, I don’t think the Eason well is any good according to OCC records. I’m really surprised they are even keeping it open. I will feel lucky if I get a check every other month as they have a $100 min. before they mail a check.
Am assuming royalty checks are based on sales rather than production?
Linda, Yes, absolutely. The good news is that there is only so much storage, so eventually they will have to sell some and mineral owners will get paid. However, they will not full out produce until tge prices go up and some long term contracts are taken at that the higher prices.
Linda, thanks I had already found the gross production report and Transportation Report figures, not much, in fact looking at the gas I had wondered if I wasn’t actually producing more gas than oil!
Linda,
Where in western Oklahoma are they building these storage tanks? And who is building them? Is it in Woods Co? It takes a long time to built these tanks farms, so I don’t see how they can be done by summer. But, I know the pipelines are flowing from Woods Co to Cushing. And I think they are building a new one from Colo to Cushing.
I feel we will start seeing a little hill upward within 2 years or less and in 5 years we will be almost at the top again. At least I’m betting on that, so oil stocks are low and I’m hoping for a little profit in 5 years. We need to watch what is happening overseas, then we will have a better idea what is going to happen. I feel several small oil companies will hit the dust, be bought out or merged, guess time will tell.
Martha,I have heard they are putting in a lot of multimillion barrel storage tanks in western Okla in order to wait out the low oil prices.Unfortunately it may be a very long time before we see a decent royalty check again.
Traders are storing Africa’s oil in the US until price go back up. I don’t know any traders who will wait 5 years for a return on their investment. Africa and other non developed countries don’t have the refineries to handle their oil. Traders are buying it cheap and will turn a handsome profit in the next 2 years. http://thewoodfordshale.net/2015/01/16/oil-traders-to-store-w-afric…
Seems we are sitting with a probate to go through. Does anyone have the name of a good probate attorney in Enid. Very small estate, more than anything just mineral rights, my mother in law has been dead for approximately 16 or so years.
Deborah,we have never met an Enid attorney we liked.
We use Kirk Boersma out of Blackwell
He might be able to help you or refer an Enid attorney.
Linda, I recently experienced some of those attorneys in Enid that you do not like and I didn’t like them either.
Deborah, Charles McBride out of Stillwater (405) 624-9990 is good and will probably help you do a simplified probate (if the estate is less than $175,000). Probating a mineral interest estate is best in Oklahoma, because an Affidavit of Heirship transfers royalty payments but will not transfer title of the minerals.
Why am I not receiving e-mails since December 26, 2014? Thank you. James A. O’Connor e-mail [email protected]
Tony, thanks for offering to help. Here’s a question for you. Why would a oil and gas company write “division order not signed” on a division order and send it to for a mineral owner for signature? I’ve seen hundreds of DOs, but have never seen one with such wording other than this one. The company claims that’s the way they have it in their system.
Plymouth is still drilling in Garfield but have cut their rig count to 2.
If production is suddenly gone from Gross Production; does this probably mean they are updating?
After several months I have finally received information from Devon concerning a lease I signed for 34-21N–4W in Garfield County. They have included a form for Direct Deposit, and a W-9. There are some other things that they apparently need, but I find it a bit confusing as to what exactly they need, and what I am required to do. Is there anyone in Garfield County that would be willing to meet at the Library, possibly, and perhaps explain what, exactly, I need to do? Apparently, I am subject to some sort of IRS penalty if this is not accomplished within 60days. Thanks all.
Troy, I just saw your message and added you as a friend.
Martha, the main reason for the language as DO not signed is that after it has been signed, the clock starts ticking on many things including payout of monies due. It is often a way to get work done before the clock starts ticking. Sorry for the delayed response as this board was not included in my email updates.
Robert, add me as a friend and I can forward you some info that might help.
Tony, Devon adamantly claims that the DO not signed language is for mineral owners who have a TIN that they have never seen before. Since 1975, I’ve seen several hundred DOs, but never a one that was designated not signed.
Got corrected division orders today. In a horizontal well that I thought was 50-50, come to find out I got 61.33. A surprise to me. No only to get a clear title… I am on a mission. Section 27 21N 3W. We will see what it produces. Ha ha