Hello my name is Steve, I live in FL & I’m new to the Mineral rights forum & new to how mineral rights processes. Last year I inherited mineral properties (4) located in Oklahoma County, OK. One describes Mineral Interest in in an S-T-R in an Estate Lease/Unit on a few hundred acres. What is the procedure to reach out to them?
Two have an address.
The other is described as “_ _ _ _ _ _ Funds in suspense. What does that mean?
Thank you!
Steve
Welcome to the Forum! Condolences on your loss that led to your minerals. Many of us have had that experience.
First of all, get a list and description of the four locations. If you have probate documents you will have to file your name and address and descriptions in each county where they are located. If the will was probated outside of OK, then you will need additional documentation (many posts on the forum on this topic).
You will need to reach out to each of the Operators for the acreage and get any heirs names into pay status. They will have their own title requirements (which will also usually require probate information.) You are looking for the Division Order department or Owner Relations.
If you post the locations in the counties and add the section, township and range, then we can tell you where there is activity and who the operators are.
The operators may be holding royalties for the previous owner and heirs in suspense. They have a special bank account for that-to hold funds for owners they cannot find. They will hold for a certain number of years and then turn them over to the state to hold. So check the Unclaimed Funds at the OK Treasurer’s office. http://www.ok.gov/treasurer/Unclaimed_Property/index.html
The Oklahoma Corporation Commission also has a place to look for additional unclaimed funds. http://www.occeweb.com/MOEASearch/index.aspx
Some of your properties may not be productive at the moment, but get your files organized so that you will be ready for the future. Landmen go to the county courthouse to find the names and addresses of the owners, so very important to have your info on file.
What a blessing for you. I bought land 20 years ago in Stephens County, OK and lucked out getting over 100 nma in the deal. I’ve had several leases, but no well yet. YouTube has loads of training videos on mineral rights, horizontal wells, etc. This forum turned me on to an attorney in OKC that I have hired for my next lease as I want to ensure the surface of my land is not scathed in the process. I will likely attend a NARO event in the future to learn more. So much to learn. Have a blessed Easter.
NARO had to postpone all events last year due to COVID, but they are doing quite a few webinars this year. We do plan to have the National Convention in October 2021 in OKC, so watch the NARO website for information on webinars and conventions.
Happy Easter!
Funds in suspense usually means that the holder of the money is not sure to whom it should be sent. In the case of an inheritance this may mean that the land records do not reflect the inheritance. If this was part of a probate process, it must be an Oklahoma probate even if a probate case was filed in another state.
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Ms. Barnes is there a way I can contact you through this App? Or perhaps email?
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