Every month is a fight to get New Jersey to send statements to me I wonder if this is common
You might want to check your original Division Order to make sure that is says that the statements have to be sent monthly. Some of them have a $100 minimum in royalties before they will cut a check and send a statement. You can change that to $25 and you will get them more frequently. In their defense, it costs money to cut those checks and sent them out every month.
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Thx for your input I am new to this and appreciate all knowledge from an experienced person which you appear to be. The company I am dealing with has drilled and is paying royalties but to those of us that didn’t know any better when we signed our lease contract they keep our royalties until they recupe a certain percentage of the signing bonus which they renamed advanced lease payment I can’t get any answers about production unless I talk with neighbors and then not so much. Seems like production is over only after a few months my negative AR on the statement went down then back up it all is so confusing who can figure this out without me spending $$ I don’t have.
Did you by chance actually sign that you are a working interest owner? That is a situation where I have heard that they hold back royalties until a certain percentage of the well price is recovered. Suggest that you go online and find the WV oil and gas division at the state. They will have rules and regulations about what companies can do and cannot do. You may use that to get familiar with the situation.
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Unfortunately, Jay-Bee included a clause in many Leases / Pooling Modifications that gave them the right to deduct the initial signing bonus payment given to Lessors, from production royalty payments. There is nothing one can do about it after having signed the Lease / Pooling Modification.
I strongly urge everyone to consult with an Attorney before signing anything from a Landman / Production Company, in my humble opinion, they are worse than used car sales people when it comes to ethics and promises.
I am sorry that so many have been taken advantage of.
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Has anyone been able to receive statements from JayBee? I have not … very frustrated.