What does it mean to have a 1/8 steak in pool drilling?
Don’t know which State or area you are in but assuming the same general terms apply there as in Texas, what you are referring to as ‘pool drilling’ occurs when an operator combines two or more adjoining tracts of land that are under separate ownership to form a drilling unit. If a well is drilled and producing in a pooled unit then everyone who owns mineral interest within the boundaries of that unit receives their share of royalties from that well based on three percentage amounts, the percentage that their land is of the total acreage in the unit, the percentage of mineral interest they have in their tract, and the royalty interest in their lease. As long as that unit is still active, if more wells are drilled within its boundaries then the royalties from those wells would also be divided on that same basis.
Not to sure on the lease or the rest of it right now. All I really do know is that it is a 1/8the steak in two well sites I believe given to her portion when Oklahoma domain went into law. Not to sure on what happened. She passed in 62 and the domain took it in 95 and it’s just been sitting there. Just learning and wondering.
What section, township and range? Are you in OK? Do you know the name of the well? The 1/8th means you have royalties of 12.5% of the revenue of the well based on your acreage in the unit.
s/2 sw/4 of section 19, township 9n, range 5w 2 well sections, American pharaoh and Wilkerson
Yes Oklahoma grady county
Not sure what you mean by “domain”. Did you inherit? Do you have the probate documents? Have the heirs filed their names and addresses in the Grady County courthouse with proof of their title claims?
In OK, if a person is unleashed or cannot be found due to death or an address change, the state allows a Forced Pooling hearing when all the unleashed persons or entities can choose one of the pooling options. You only have 20 days in which to answer the Order. If you do not answer, then the state chooses the lowest royalty and highest bonus option. The funds are held for folks that do not respond for a certain number of years before they are turned over to the State Unclaimed Funds. Any heirs would have to claim the pooling bonus there if it has been turned in. Your section has quite a few recent cases at the OCC (Oklahoma Corporation Commission). You and any other heirs need to contact the Roan Resources attorney and get on the mailing list for the cases. You will need proof of title to get any payments, but you may be able to get the mailings while you wait on probate.
ROAN RESOURCES, L.L.C. 14701 HERTZ QUAIL SPRINGS PARKWAY OKLAHOMA CITY, OKLAHOMA 73134 Contact Name: CHARLES L. HELM Contact Phone: 405-232-9000
If you need a list of cases to look up, come back and ask.
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We are awaiting probate, I have contacted Roan resources and they said that the paper work needs to be filled and new documents showing the probate and mineral deed has been changed, also because of the funds that are already in suspension is past their certain number I cannot find the amount without the paperwork they requested.
That is the way it works. Until you have clear title, they will not give specifics.
You might want to check the OK Treasurer’s office for unclaimed funds in the name of your ancestor. Also check in the state where he/she resided if not OK. Also check Delaware since many companies are domiciled there.
From my experience over the years, unclaimed funds would most likely be found in the state the oil or gas company is headquartered in and not in the state where the wells are located. Also, there are often misspellings of the name and unclaimed money may not be found for years. I have retrieved unclaimed funds from Texas and Colorado from as long as 25 years ago. As well as going directly to Unclaimed Property websites for various states, try missingmoney.com You need not list a state once you enter your name or that of your relative because if there is unclaimed property under that name, the state in which it is being held will be listed.
