I have two very small interests in OK. One in OK County and one in Pittsburg County. I pay more in accountant fees than I bring in per year. Is it possible to give these back to the operator without incurring more lawyer fees?
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First question, are they mineral interests or leasehold interests/
If they are mineral interests, I’m sure the operator would take them. Two other alternatives: 1. Determine the surface owner and deed it to them. 2. Or you can deed them to a charity. Many charities own oil and gas interests. The Oklahoma Medical Research foundation owns a good deal of oil and gas interests and would gladly take them. Make the grantee of these interests prepare the mineral deeds, rather than you. Now, if these are working interests, then it gets to be more problemantic.
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Oh sorry–they are mineral interests (and not working interests). Thanks for responding–this is very helpful information!
Tim: Great answer, there might even be a tax write-off, Check with CPA
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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Any charity would most likely have at least the same accounting/maintenance cost; although, they may be able to incorporate this if they have other mineral interests in their portfolio. If these operators report to the Enegylink.com platform, then you may be able to lower your accounting costs. Energylink now offers their MineralIQ product at no cost for many services. You may want to talk to your accountant about more effective methods of reporting in order to lower the cost. Before you transfer the interest to the operator, you should consider an outright sale of the interests. Good luck to you.
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