Looks like Black Mesa Energy LLC completed and began producing in March of 2022. Have yet to receive any royalty payments and only had a Division Order sent to me this month. Anyone else had this experience?
I’m a working interest owner so have been paid. Be sure you send in a letter via certified mail requesting Statutory Interest. The 2nd well is much better than the Rangers. Make sure you send in the W-9 with your DO.
Todd, believe you might be talking about the Wolfpack well, have you seen any production figures? While I am at it how about the Rangers well. In process of trying to clear title for 60NMA in 36 1S 4W. Thanks
Figures I saw were 40,000 BOE Wolf Pack’s first month and Rangers was 126,892 BBLs and 178,459 MCF from 03/22 through 12/22.
Update: Not sure what is going on at Black Mesa but they are now claiming my title is “not marketable” and therefore they are not paying any interest. This flies in the face of the statute even if true, which it isn’t. No way to do business.
Ask for title requirements needed in order to get you interest into pay status. A large portion of these tend to be probate issues.
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Barlow, that doesn’t surprise me one bit. Someone needs to go after them for their shady dealings.
Dadams- Could you please explain why a company that follows state statutes are “shady” in their dealings?
That’s the interesting part. There are no title issues. Had the interest since 1986 as has my brother. He got paid when he waived the interest.
Barlow: Read OS 52-570.10, D-1. There is no getting around paying interest. Marketable Title as defined by Statutes shall have interest paid @ the rate of 12%, compounded per annum. For Non-Marketable Title as defined by Statutes, shall have interest paid @ the rate of prime rate as set by Wall Street Journal. That rate is currently 8.25%. Either way, way better than money in the bank. You can request to have the money and interest inter-pleaded. But either way, they have to pay you interest.
I cited the statute in my initial demand letter which they never responded to. That’s why the title “issue” is so comical. They are bluffing with the title issue to try to get out of paying interest. The letter tomorrow will contain the statute from the Title Exam section that cures any defects after 10 years. My title was filed in 1986 and have been getting paid on other wells for years. Thank the lord Oklahoma is mineral owner friendly. I wonder how many other owners they are jacking around?
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Highly recommend getting an oil and gas attorney to help you settle it quickly. It may only take an affidavit of heirship from you, but an attorney will handle the details.
Barlow: Ask for specific details why the company believe that there is title issue. Probably an error on their side.
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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