Todd, M Barnes is right that #20 could be referencing a line in the title opinion or it could be referencing Title 16, section 20 of the Oklahoma Statutes (16 O.S. 20) which addresses Federal agencies that publish notices in the Federal Register and how it records conveyance or release of interests in land. Also, it’s import to review your lease to know if you ‘warranted title.’ If you did there will be a sentence in your lease that clearly states that lessee warrants title.
Todd, This is long but very current and good with best basic terminology explanations. Also, it contains links. http://eppersonlaw.com/wordpress/wp-content/uploads/2013/07/265-Min…
Todd, This is the preferred division order form-see below. It has the correct language. If the one you received is on this form, then you are probably okay but compare the two. Make sure that it says somewhere on there “this Division Order does not change any terms of the lease”. You can strike through the line that says Social Security number and say “See attached W-9”. The #20 probably refers to a particular line in the title opinion regarding your acreage only and a question they have about the title. When you answer their question or requirement, then they will move forward on paying you.
If you have a 160 mineral acres at 3/16 mineral interest and say they owe u for 7000 bbl how much is that in $$?, and how do you figure this? Thank you.
Todd, Assuming your 160 acres = 25% of a 640 unit (verified by your mineral deed). You would take 0.25 (your % of unit) multiply by 3/16th (0.1875), multiply by 7000 bbls, multiply by $100 price per barrel. 0.25 x 0.1875 x 7000 x 100 + $32, 812.50
Todd, That calc is gross not net.
I see thank u Mrs McMorries.
Andy, 3yrs /$250 & up/1/4th at Logan & Payne line, but not from Devon.
What is the going rate these days on lease bonus per acre in north eastern Logan County?
Sir Ron Von, Yes the + is supposed to be =. Thanks for correcting my typo’s.
Hi Martha, just a quick ?, is the plus (+) sign at the last of the equation meant to be an equals (=) in this world there are no dumb questions, if we do not realize that we should take up needlepoint or something. Also the Heat map, darn, I forgot what I wanted to ask about it. Oh, I have to think that the rumor about the State ordering a stop to fracking, must have been just a rumor? Does the state even have authority, and the desire, to do this? Are not allah these forms permitting the exploration, drilling, and productions companies laden with a lot of revenue for the state no matter if there is even a producing well down the road? If there were no filing fees for allah these permits, how many judges would it put out of jobs? What we need is more systems analysts in the oil industry.
Thanks Martha!
Oh wow! Oklahoma state tax for outa staters is 5% and not 7%? Wow that means, at my royalty rate of 9$s each and every month for 12 months, equals to $108.00 then I would owe Oklahoma … let’s see, I almost flunked algebra in HS, that is (n) I think, the great unknown, comes to so n = Five dollars and eighty cents? Is there any deducts and stuff, you know, the loophole stuff, I can use?
Does anybody know what this means on an Amended Permit? “New LE & significant change in PBHL”?
Kaye, New LE - new location exception and PBHL - proposed bottom hole location.
PBHL is Proposed Bottom Hole Location. Not sure about LE-maybe Last ?
which permit is it on?
Thanks M Barnes & Martha!
Ha ha, what kind of logic insists that President Obam is using dirty stalling tactics by announcing he is again delaying decision of Keystone Pipeline Approval and announcing it on Good Friday, and they claim it is because no one is paying attention on Good Friday, we are all at the beach orn mountain retreats and will not even know it. (snicker) that does not even deserve a decent LOL, it is in the very same catagory as the “birthers” who do not understand that President Obama is a real, US citizen no matter where he was born, becvause his Mother was born and raised in Kansas. The Obama team just snickers whenever birther claims are made. I still say President Obama is the best friend we have in the oil industry, and my bet is that when decision time rolls around again, which will be after Mid-term elections, it will be delayed again. LOL
That is a very simple question with a very real simple answer, it is because too many people do NOT WANT oil and gas wells on our public lands, and especially our public parks. It would cause the biggest political uproad one could even imagine. They shoule even make it tougher, like impossible, to get a permit to drill on Public landws. I still say Obama is our best friend in this alliance.
WTF, Ron, have you made a few trips to Colorado? How in the world can you say O’Bama is good for the oil industry? His EPA gang is just waiting to cut the oil industry off at the knees. Why does it take years to get a lease approved on Federal Lands. Why does he block the Keystone Pipeline? Please…