We received some paper work a while back and had to choose a “pooling option”. How do I find out the status?
Section 33, township 10 north, range 4west, mcclain county
Welcome to the forum.
Was the case number 2023-003133 from Palladium? The order number was 740275. You only had 20 days in which to answer (preferably by certified mail.). if you did not answer, they picked the lowest royalty and highest bonus for you. You should have received a check by now.
Here is the order. Contact Pallladium by certified mail return receipt if you have not been paid. See p 4, section 9.1 Give the case number and order number on your letter.
I do not see a permit yet, but they have a year in which to spud the well.
2023-003133 order 740275.pdf (563.6 KB)
Thank you so much . I’m very new to this. Can you explain to me the way this works. Do they issue payment before the “spud in “ or when would the payment be issued. That is the correct case.
They issue the pooling bonus within about a month of the pooling order.
They may (but not required) spud the well within the time frame of the pooling order. Occasionally, the time frame will be extended. If the well is completed successfully, then you can expect a Division Order within about five months of completion. Royalty payments are required 180 days from first sales or interest is due.
If you are new, the Mineral Help tab above is quite helpful. Read the topics in the McClain county to keep up to date on questions and answers.
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What exactly does curative purposes mean? When I spoke to the gentleman at palladium he said that my grandmothers will should be enough proof that it was handed down. They have me listed as curative. Is that why I have not received payment?
Contact Palladium again and request the pooling bonus. They might need your W-9 and driver’s license and a copy of the will.
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Curative purposes means that there is something missing to show who is the rightful owner of the minerals. While it might be apparent to us, there may be some steps needed to be taken to solidify the ownership. In Oklahoma this may be a probate of if there was a trust, a deed from the acting trustee. For smaller interests some companied may accept an affidavit of heirship.
Ask the company what is required in your case to get the minerals into pay status.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
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