Ronald,
I will agree with don’t sell your minerals.
I have seen this oil slump many times. Good time for oil companies to buy out little companies, get bonus cheaper, get rid of die wood in companies. Usually takes about 2 years before we will see a slow turn around.
By then, we will see new technology and new investors. So just ride it out. Banks will start loaning money again at a higher rate. It’s just sat and wait time.
Virginia and Ron, I concur
Opal, There are many good wells all around you, but drilling has slowed way down. Feds are revising condensate export rules. Still, US is depending on shale production to export. https://rbnenergy.com/stop-in-the-name-of-opec-why-u.s.-shale-crude…
Does anyone know what the pipeline companies are paying for a 12" cross country line per rod? Does that include crop damage?
Stephen,
I use Cody McPherson in OK City, He is at Mahaffey & Gore.
405-236-0478
I have been using them for about 20 + years and have had really good luck. They get the job done quickly and reasonable. They are oil & Gas attorney’s. They do work in Logan Co.
Virginia in Arlington, TX
I need an atty in the Logan county area to help with a quieting a title issue. private email me with suggestions or post here if it won’tgo against the forum rules.
Very important article on Payne County which affects Logan Co http://www.sciencedirect.com/science/article/pii/S0376736109700627
2/17 OCC docket weekly hearing on Sec 34-19N-01W microbially enhanced oil recovery field plot ftp://ftp.occeweb.com/dockets/docket/week.pdf
Jeff Hirzel is a local attorney in Guthrie and has been practicing for many years. He should be able to help you.
Thanks for the atty replies. A holiday seems to be a bad day to contact anyone. Not to mention the weather. I guess tomorrow will be a contact day. Thanks again.
Martha,
Very interesting. Keep us up to date on this.
Maybe it good everything is at a slow resting point, so we can get catch up and move to the future.
Virginia, Yes, it’s catch up time. Many new techniques and processes are being developed right now. Pipelines, refineries and seaports too. Prices are low, but it’s all systems go!
Thank you Martha,
Good information. It will come back as it always does. Unless the wind turbines take over. Going to be an interesting ride.
Tax time again. This is first where I received “rents” on a 1099. Royalties I understand how to do, rents are new. Shows state withholding for where I reside not Oklahoma. Do I still report on OK tax form and pay the taxes due or are they not OK income? Any help out there? Thanks!
Stephen, Virginia’s right, It’s best to get a CPA to help you with income taxes, but it is always good to stay informed and some prefer to do their own tax filing, so here’s some info.
Non-residents of OK who are mineral owners with production income are subjected to a 5% income tax and you can see the rules in this OTC link at (710:90-3-10) http://www.tax.ok.gov/rules/Rules2014/Chapter%2090%20Withholding.pdf Also, all OK mineral owners with production, in state or out of state, are subjected to a 7% gross production severance tax (OK State can reduce % if oil and gas prices go very low) and you can find it in this link by Clicking on Gross Production http://www.tax.ok.gov/rules/rules.html
In addition to your current resident State Income Tax filing, you will need to file a yearly Oklahoma Income Tax Return for Non Residents and file Oklahoma Quarterly Estimated Income Tax forms and payments. Here’s where you can find these Oklahoma forms. http://www.tax.ok.gov/gproyal2.html
Here’s some Federal Tax Info for royalty owners. http://www.irs.gov/uac/Newsroom/Tips-on-Reporting-Natural-Resource-…
Thanks Virginia. I figured I’d pay taxes on it. This was just the first for a 1099 showing my home state withholding and not OK. Filing multiple states can get a little confusing. Thanks again!
Stephen,
Anything you make in OK you pay tax on. I live out of state and what OK does, they take what your gross income is and then you look at the tax bracket. I think most people will pay 5.25% in Ok income tax. http://www.tax-rates.org/oklahoma/income-tax
I can not tell you how to fill it out as my CPA does that, but if you owe and haven’t been paying est. tax, you will probably get a penalty also.
That is one reason I live in TX, no state income tax. Good luck.
Stephen,
Do you mean that the withholding was paid to your home state? If it’s not a 1099 from OK, then you don’t pay to OK. I’m a little confused, I thought the rent was from OK property and if it is, then the person that send it shouldn’t have put it on a different state. You really need to check this one out as I think someone sent you a 1099 that may be wrong. It does get confusing on taxes when you go across state line and when you have oversea income it really gets bad. That is why my CPA is gray and I’m not. He can figure out where to put everything and than I just pay.
Thanks Martha and Virginia. I contacted the 1099 originator and they most quickly sent a corrected 1099. The links really provided me with more knowledge that I see I needed. That’s one of the reasons for being a member on this. You are great help!
Does anyone know anything about 17-16North-3 West, Logan County? Getting contacted by more than one company trying to buy this one.
Thanks