I just received a nice check from Tap Rock with 27 pages of figures covering 4 of my wells. Looking it over it is listing dates of sales as early as January 2021, 16 months ago!! I had previously been paid for products from this period. I cannot understand why 16 months later they are just now getting around to paying me apparently the “rest of the amount”. Anybody got a clue?.
Some companies pay “something” early on in order to avoid any interest payments. Once they have all the title work done, then they true everything up.
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Thanks, I bet you are correct. I can understand for instance myself and another person claimed a certain per cent, it would be more correct to hold up that payment until true owner could be determined, rather than paying each of us and expecting to get it back from the person not entitled to it…
Just thinking it over, there would be NO expectation that this is done until it is done! This could go on for years and years I believe. Is there any source that might shed light on this sort of stuff?
NARO (National Association of Royalty Owners) does webinars on various subjects. The best one I saw on this issue was from the OK Chapter and presented by Martindale, one of the big accounting groups and explained why checks get these kinds of adjustments. Non-members charge is $25 which can be applied towards a membership. Members can watch for free. www.naro-us.org
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