Hello everyone,
I have had great assistance in the past from this group. My family have 16 wells in Williams County, 13 working wells and 3 LOC. We are still waiting on getting more money from our first non-participation well and it has been over 4 years and production as of April 2016 was a total of 211,455 barrels. I know the oil prices have played a role, but this seems like a long time. We have not received our first quarter payout statement yet, but this well had about 2 million left for recover 9 months ago which had not changed as of the end of 2015. We do receive the mandated 16% on our wells [12 non-participation] and are weary waiting for the additional 80 + % that will be due to us. Anyone else have the problem of waiting over 4 years? I would appreciate any input. This is a great forum.
Pat Maloney
Pat,
I worked for an exploration company drilling wells in the Bakken and I know it can take a while for these wells to reach payout. I would think the best thing to do is to contact the operator. I have contact info for some of the landmen at the larger companies if you don't have any luck.
Jamie
Jamie,
hi; thanks for the reply. I do now have a contact person at Oasis, which helps a little. I also have a great relationship with the bookkeeper who does send out the quarterlies better than before. Our first NP well still has a ways to go but it has gotten closer to "0" this summer, so we are hoping perhaps by the first of the year we may see that well start sending us more revenue. The other 12 still have 7-10,000,000 to make back, which may take a very long time. As my sibs and I say, we all will be in walkers or in the nursing home when they start paying off. Our contact did say the lower the oil rates are, the less they sell which makes sense I guess. Again thanks for the reply.
Pat
Yeah, that makes sense and it is actually better for the landowner and the well in the long run. You don't want them selling all the oil at a cheaper price. It's always great to have a good contact in the accounting department, them and the landmen are like the gate-keepers at the operating company.
FYI, I am trying to get back into work in the Bakken so if you know anyone that needs land help or has any interests they are selling I would appreciate any referrals.
I can share my contact info through a private message if needed.
Have a good one,
Jamie