Hello everyone,
My two siblings and I have mineral rights in 16 wells in Williams County; the first well we participated in and there are remaining 15 we did not participate in. 12 of these wells we are receiving the mandatory 16% until the wells recoup their expenses plus penalty. There are three remaining wells that have not been "started" yet, still have an LOC status. Our second well [1st non-participation well] has been down to 2,000,000+ now for approximately 6-7 months [amount they still need to sell before we then receive the remainder of our share]. There were several months where no oil was pumped at all and also some repairs made. If anyone knows, what is the average amount of time we will be waiting for these remaining wells to recover their own royalties before we will receive the remainder [80+%]. This would of course take into consideration the price of oil and the health of the wells. We would like to get an idea as are all in our late 60s and early 70s. Thanks.
Pat Maloney