I received that letter as well which I feel is bordering on criminal,
Just a heads up. There is a particular company sending out letters in Hughes to buy minerals with a $250 check on the bottom. Under no circumstances cash that check. This group goes under at least two different names and if you cash that check you give up all of your rights. Read that offer carefully and file it in the round file or light the barbecue with it. I put a big X on all pages and file it in the tract folder they want to buy. I would never deal with them, but it usually indicates that something interesting is about to happen in that area.
M Barnes can you tell me what company it was and what area they are interested in? I recently leased some in Hughes county and was wondering if it was in the same area or to the same company. Thanks.
You will know if you get it. Has a colored check for $250 on the bottom of the offer. They are out of Dallas or Plano. Would rather not say the name since this is a public forum. Friend me and we can converse. They are all over OK. Their modus operandi is to watch for pending activity, especially horizontal drilling, swoop in and make outlandish claims for royalty payments and then if you cash the check, tie up your title, etc. The lease says that you give THEM power of attorney. Bad move.
One of their “partners” is under investigation in another state, all the way up to the Attorney General office. If a deal is too good to be true, then watch out.
Silver Creek are crooks. The resurrected company of the Bankrupt Cornerstone E & P. Very shady. Had recorded leases in place on acreage they drilled. Minor title objections, ever contacted any of us about it , sent funds to OK Unclaimed Property. Can get no reconciliation of revenues. Our leases are no deduct leases and can get no information as to how they calculated the revenue sent to Unclaimed Property. Being very evasive and throwing up all kinds of roadblocks. Then there is the issue of 12% Statutory interest owed to us. They are fighting everything, VERY SLOWLY. WOULD NEVER DEAL WITH THEM AGAIN.
I have a question: Can a land broker force me to take a net proceeds lease? I’ve clearly said that I will NOT take a net proceeds lease, and they are “suggesting” that I may get force pooled.
Claudia,
No they cannot force you to take net proceeds. Force pooling is fine in that situation and nothing to be afraid of. It has its advantages! Friend me and I will explain why.
Just wondering if anyone on here has leased minerals in the past and been receiving royalty payments from Newfield…and failed to get anything this month? I contacted them and was given an really odd answer about having paid too much out and will have to make it up in the future…any info regarding this would be greatly appreciated. I plan to call OCC and see what they have to say. Thanks.
Lulu, thanks for the heads up on what their “answer” is likely to be. They have not returned my call yet. I’ll let you know if I get something different from them. Before I called, I did check with other family members and they did get their checks on the same property.
Daniel, does it matter?
Lula, (sorry for the typo last comment) I received an “explanation” that it is not Newfield that is recouping “overpayments”, it is really BP that is doing it! I was told that BP has decided to take it’s share of production in-kind, because it intends to market the gas themselves. I began asking questions - “So BP is a working interest partner in all 15 wells, in 5 different sections, and they decide to do things differently?” and “So others who have significant interests in these wells and who have received payment from Newfield this month, can perhaps look forward to having overpayments recouped in coming months?”. At this point I was told “I have told you what BP instructed us to say”. I then asked for the name and/or number of someone at BP who could be contacted, and was told “I’m sorry, we were not given that information”. I did not ask how many months might we expect for the overpayments to be recouped, but probably would have been told to ask BP.
Lula, you called it odd and I will add weird.
I do know for certain that another owner in these wells did receive a check from Newfield dated Nov. 26, 2014. I plan to use my BP owner # from another well to call them with my questions. I’ll probably be told that I need to ask Newfield.
Could it be that BP has hedged a better price for it’s gas? Unfortunately for royalty owners, we do not get the benefit from hedged sales.
Thanks, Wesley Skinner…very informative…I just didn’t ask enough quetions! I would be interested to know what you find out, if anything from BP…yes, it is weird! And it comes at such an inopportune time!
opps…sorry. my comment re: Newfield should have been to Stephanie Wilbanks. Thanks, Stephanie!
@ Stephanie Wilbanks … Township 9N, Range 11 East.
Claudia, thanks for the comment…I’m such a novice at this…wish there was a class or training session nearby that I could attend and get better informed. Moved to MO a few years ago, and feel like I’m out of the loop. I appreciate any and all info I can get. 
LuLu, all good. I’m thinking of the situation that Continental Resources has gotten themselves in by hedging. Didn’t we see a few - at least one - oil purchaser go under by doing this very thing not too many years ago? Just keeping an eye on the industry. Between net proceeds leases and hedging … who knows?
Thanks, Claudia Kemmerer, for your comment also. I agree, Newfield has always been very helpful to me, and I know they are reputable…this one time was a bit out of character with their tone and evasive attitude concerning my questions though. I’ll give them the benefit of doubt, however, as they’ve probably received tons of inquiries about the change.
For those of you who are new, there are many great resources. Read the MINERAL HELP and the BLOGS at the top of this page. Also go to the NARO website and watch their tutorials on mineral ownership. You can also read the NEWBIES section in the Discussion are of Garvin, Grady or Stephens (it is hiding in one of those). TCU Energy Institute has some wonderful classes for those of you who are really interested in knowing more. Also, attend the OK state meeting of NARO-in May next year in Tulsa.
Hi to Hughes County Mineral Owners. I own small mineral rights in Section 21-7N-10E. I was just approved for this Forum on 12-15-'14, and interested in any ongoing drilling for this area. I am in the process of signing a lease with Great Sky Partners. I am interested in any and all feedback relevant to Hughes County activity. Thank you.
I am new to this format: Response for Daniel: Daniel, to answer your question. I own 3.33 acres in section 21. Tell me more about your interest in Section 21…Leta