Once an oil company is notified of ones ownership in a particular tract of land where there are producing wells, how long does it usually take for the oil company to release the money they are holding in suspense.
Hi, P -
I'm not a Royalty Division Order Analyst, but I would imagine it depends upon whether you have submitted the proper paperwork to clear title of your interests into you and how busy they are.
Check with them and make sure you have sent in everything they need. The company's Royalty Division Order Department will be able to direct you to the or one of the Analysts that is/are responsible for your well(s).
Once all that has been addressed, and maybe they run it by their Legal people for approval, they will send you either a Transfer Order or a Royalty Division Order to sign. When they receive that back, they will release your funds beginning with the next disbursement cycle.
Remember that that first check may be a substantial one and that the ones to follow will more than likely be much smaller.
And never use your mineral or royalty interest as collateral for a loan. I made that foolish mistake about 30 years ago and still regret it.
Hope this helps -
Charles
Charles Emery Tooke III
Certified Professional Landman
Fort Worth, Texas
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It really depends on what the oil company is asking for you to supply. I inherited mineral rights over 3 years ago. Some oil companies have been easy to deal with and some . . . not so much. There are actually royalty payment in suspense that are still in my grandmother's name that have require that I reopen her estate and fight like Hell. So far they are winning, but I will get what my family has coming.
Gather all the info they are asking for, submit it to them as soon as possible and expect a hassle. Come here for advice and eventually, you will get paid.
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Give 'em Hell, Janie!
I don't know where your properties are located, but it is my understanding that under Texas law, if properties or mineral interests are located after an estate is closed, it is distributed under the laws regulating intestate succession - as if the Decedent left no Will.
That's why most Probate Matters in Texas are not closed. Typically, if I remember correctly, the Order Approving Inventory and Appraisal is the last thing filed.
Charles
All my properties are in North Dakota. The courts in ND are really backed up and are trying to catch up with the issues involved in an oil boom so everything takes a very long time.
My probates have already been completed and the next step is to register them in the McKenzie Couty Courthouse. We should be sending our notice to the producing oil companies within the next week or two. I'm just wondering how long before they release the funds in suspense once we send this info to the oil companies.
Janie Newborg said:
All my properties are in North Dakota. The courts in ND are really backed up and are trying to catch up with the issues involved in an oil boom so everything takes a very long time.
In my experience in ND, a lot of that has to do with which oil company you are working with. Some are much more difficult that others. One simply refuses to except the fact that I have the deeds in my name, and thus marketable title. They keep stretching things out in ridiculous ways.
In Oklahoma, once marketable title is established the interest clock starts ticking at 12% by statute.
I had a similar problem that magically vanished after my attorney sent them a demand letter for both the suspended funds and the interest.
Janie Newborg said:
In my experience in ND, a lot of that has to do with which oil company you are working with. Some are much more difficult that others. One simply refuses to except the fact that I have the deeds in my name, and thus marketable title. They keep stretching things out in ridiculous ways.
I'm sure an attorney probably carries a lot more weight than we do. I am actually having my oil and gas attorney present the marketable title to the oil companies involved and hopefully the same will happen for me that did for you. Thanks for the response and have a great day
In ND the statue is 18%. Although I have established marketable title long ago, actually getting that interest is very very difficult, especially when the oil company is trying to claim that a full title in my name is not enough to be "marketable." Some of the oil companies are very difficult to deal with.
What else is it that they need
That's exactly what I want to know.
Have you called them or accessed their Royalty Owners web page? Most companies have Help Desks.
What company is operating the wells(s)?
The company I am having trouble with is XTO Energy. I have been in constant contact with them for over 2 years. I have haunted their web sites and done everything possible. They are just not willing to pay. Petro Hunt is difficult too, but not as bad a XTO.
Janie -
How much trouble would it be for you to scan and send me all your papers and communications with them?
I'm a Landman. Maybe they'll talk to me.
I'll also need a letter from you authorizing me to contact them on your behalf (and on behalf of anybody else in your family).
Can't make any promises, but I may be able to help.
Accept my Invitation to become a friend on The Forum and I'll send you my contact information.
Charles
PUP, I can try and help you as well. Accept my invitation to become a friend on The Forum and I'll send you my contact information. No promises, just will see if I can shake something loose.
Charles
Triangle Petroleum and Hess Bakken Investments
Charles Emery Tooke III said:
Have you called them or accessed their Royalty Owners web page? Most companies have Help Desks.
What company is operating the wells(s)?
Where are the properties? Do you know the locations and names of the wells?
Township 149 N Range 100 W - Triangle Petroleum
3 wells from 2012
Larson 9-4
4 new wells from Feb 2014
Hagen 9-4
__________________________________________________________________
Township 149 N Range 100 W
1 active Well - Hess Bakken Investments 7/2012
BW-Stoveland
Looks like 4 Confidential wells
These wells are in a 1280 acre spacing unit
Charles Emery Tooke III said:
Where are the properties? Do you know the locations and names of the wells?