There are 10 Unclaimed Properties for George R Bent and George R Bent, Jr in Illinois. The most interesting one, which is “Over $100” is for FMP Operating Company, which is an O&G company out of Louisiana. In Louisiana. This may or may not be in error, as Louisiana has about 2 1/2 dozen unclaimed entries for Eleanor M Bent (with several Louisiana addresses), which I don’t believe is your grandmother (Eleanor L James Bent per Ancestry.com) - it could be a possible case of mistaken identify due to similar names? It appears that Petro-Lewis had a lot of wells in TX and Louisiana, as well as CA, WY, and a very few in SD, OK, KS, and Alabama.
It is not so much the 30% of back royalties, as the 30% of all future royalties which seems over the top. Let’s suppose that there is $10,000 in suspense. RTC wants the $3,000. Now let’s suppose that in 2030, 5 new wells are drilled and they generate $100,000 in royalties. Then RTC takes another $30,000. What if the current lease expires and owner signs a new lease - will RTC take 30% of those royalties? Will the agreement apply only to the minerals under a current lease? What if there are additional unleased minerals, even in another county or state, which RTC does not know about. Mineral owner finds out about other tracts and leases those minerals. Will RTC take 30% of those royalties? Keep in mind that this could apply in the future to any purchaser of the minerals, so the value of the minerals would be greatly diminished. It is not so simple, and that is why it is so important for Bentjo to consult an attorney to fully understand the future ramifications before signing any legal agreement.
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70% of something is better than 100% of nothing. I can accept that but would negotiate.
Thanks for that insight about all the future royalties that could be subject to that 30%, will need a lawyer for sure.
Negotiate that 30% before you spend $$$.
Negotiate to reduce the 30%, but do not make a firm commitment. You should be clear with RTC that nothing is final until after your attorney reviews all documentation and terms. They may ask you to sign a letter of intent, but be aware that agreements prepared by them will likely be binding on you, but will have an exit for RTC. Same thing applies to mineral owners who are asked to sign a letter of intent by an oil company. So insist on having the letter of intent reviewed as well.
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You could tell RTC that you would like to see the document they want you to sign in order to share it with your Attorney. If they are trying to scam you this could scare them away. If they are legitimate they should be forthcoming with information in order to be sure you are the rightful heir. Any legitimate conveyance document will include the State, County, and legal description of the associated mineral interest. Once they share this information you will have what you need to do your own research.
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