Thankx Virginia, I recall getting a 1099, I just gave it to my wife and she gave it to H and R Block, how they reported it I do not know, because I just signed a power of attorney and my wife signed my name. But from what I knew when I did taxes myself, 1099 reporting was not done on line 7 income, it was all different lines and so always different tax rates until line 32 on the back of the 1040 form. It is not taxed at the same rate as ordinary income because there are special rules and in different sets of instructions no one can figure out with any certainty. I doubt if it has changed since I did my own taxes. LOL
John sang “Come Together” and you’re right, I forgot the queen must have considered the other band members misfits and ill-suited for knighthood.
Has anyone had any dealings with Gulf Exploration LLC out of OKC? Has anyone leased lately in the 17N-4W or 18N-4W so I could have an idea of bonus prices.
Sir Ron Von, I also live outside Oklahoma. As for my mineral rights there, they still seem to be dribbling in monthly, but surely shrinking from the past year. As another subject, I’m beginning to wonder if the Oklahoma Tax Commission operates on tax refunds similar to very slow dripping crude. I filed my taxes with them in early April and the 3 weeks minimum time they speak of on their “Where’s My Refund” site is well past and when I search on that site I get the same response to allow the 3 week minimum and that my tax documents have been received. I even tried contacting them by phone and left a message about a month ago and have yet to receive any sort of response. Just wondering if you Ron or anyone else here can give any advice or do I just wait till April 15, 2016 and file a complaint. The way the OTC operates, I surely won’t hold my breath.
They signed the Certified Mail receipt on 23 February. Have heard nothing.
Good phone tip and credit card info. Virginia. You are one of the reasons this forum is so great.
Richard,
I have not dealt with Gulf Exploration company, but if I remember right, they are a small company that was started about 12 to 14 years ago, probably about 10 Million+ by now.
I think Pat Garrett was in real estate and a little oil/gas investment may have stated the company.
If I am right, I would make sure they have the funds to drive a H well and not planning on drilling a V well and holding the lease till oil picks up.
I would ask the land person about the company and what they are planning on doing.
As far as lease bonus, it down right now. It used to be about $600 plus in that area, but probably would be good to get $300 now. I haven’t heard of any leasing.
Maybe someone on the forum knows a lot more on this than I do.
RigData will produce a free well count report to replace Baker Hughes’s quarterly publication on counts. Registration website. http://www.rigdata.com/counts_rankings/WellCount.aspx
Has anyone had any dealings with Gulf Exploration out of OKC with leasing or drilling in Logan County? Where could I find a cory of the NARO lease form? I looked on the NARO website and all I found was their copy of a division order.
Mr Scott Gentry, thanks for that tidbit of information, just proving what I have been saying allah long that there is still tons of money to be made in Oklahoma. Now since I do not come here much cause my mineral interests sorta fizzled out, LOL, would you keep an eye on things and let us know when Logan County dirt goes for over a hundred dollars a bushel? Thanx.
Virginia thank you for the information. They are planning on drilling a 320 ac. horizontal in the 18N-4W.
Richard, there is no NARO standard lease form. Friend me and we can discuss a good one.
Carl,
I hope you didn’t throw your OK tax refund in the trash thinking it was a credit card.
You will be lucky to hear from them. I called every 15 min, left my name and # all day and they did finally call me back because they were upset that I mess up their answer machine. The don’t fool with Texan works here.
Then it will be at least 6 weeks before you get a refund.
You will get a piece of plastic that is a debit card that you can use. I have only got one refund in my life and that is the way it came. I took it to the bank where the card was issued and they gave me my money. I hate credit cards or debit cards. If I remember right, seems their was a fee to use it or it would expired. Don’t remember which.
Martha,
The old saying goes, " You don’t fool with Texan". I will get my money.
I will say that I had a very nice person look up some information for me at the OK Tax office, but I wasn’t trying to get money, only information.
Virginia, thanks much for the information. I’ve yet to receive anything like this from an Oklahoma address, but yes, all those offers from Citi Bank, Discover, etc. go in the trash. The current cards I have with them serve well as I don’t use them much and pay quickly when I do. Anything with markings of the OTC would definitely get my attention.
My brother in California called today after my posting asking if I’d heard anything of the refund, as he’s in the same boat. He had spoken with our cousin in OK and he mentioned his refund did come in the means of the plastic card.
Maybe we living out of state are at the tail end of the line. I received my Kansas tax return within a week after my filing and it was electronic to my bank. Kansas has it’s finance problems, but they do pay out quickly and I thought the OTC would be more high-tech with their refunding by now.
Thanks again and it sounds like I’m not alone concerning actions of the OTC.
I called the OTC about a week ago, left a msg and my # and they never called back.
Due to an estate issue my cousin is needing bids on her mineral rights.
Can someone lead me in correct direction?
26-17N-3W I think she has around 4 acres.
Back in 2011 we discovered thru the state oil escrow account that we had some mineral rights in Logan County inherited from my stepdad who died in 1964. In 2007 two wells were drilled, he was forced pooled. In the last year horizontal wells have been drilled in both sections with nice production. In one section we have a lease with a 3/16 royalty with no deductions except for 80ac, that is HBP with a 1/8 royalty. The other section all of our interests are HBP with a I/8 royalty. My question is can they take out deductions on the gas on this one section? Our interest is very small but the deductions seem to be quite high and that is probably due to the concentrate that we are being paid for. Second question is that the well in that one section has no shown production in the last year on the OTC website and if they would plug that well would we be able to renegotiate a new lease if the drill more wells which is a very good possibility?
I dunno bout taxes in OK, I think I owed a little under a dollar, but the story my Gradfather told me about if you want to complain about anything in OKC, you just gotta go south from Wichita till you smell it then west a little til you step in it. I strongly suspect that was a old Texas joke, though.??? LOL
Richard, As for Forced Pooling, the Corporation Commission of Oklahoma in Application of Sanguine, Ltd., CD Cause #137575. Order # 316018 declared that mineral owners should bear post production costs incurred after the wellhead. As for HBP, if I’m reading your post correctly, the older 2007 wells can be plugged and you will still be held by production from the new horizontal wells. The decision of the Supreme Court in Amoco Production Co. v. Corporation Commission, 751 P.2d 203 (Ok. Sup. Ct. 1988) that pooling is by the unit not by the well bore.