I am new to this forum. I need advice on an inheritance I received years ago.
I get letters saying I have an oil and gas interest in Stephens County, Texas.
I was supposed to receive monthly checks, but never received them.
A person from Clear Fork Royalty called me this morning and said he wanted to buy my interest.
The only information I have on it is:
Operator - Basa Resources, Inc.
Lease - 14358, Lease Name - East Eliasville(Caddo) Unit
County - Stephens, Interest Type - .00004700 RI
I tried checking the Texas Unclaimed Property website for unclaimed royalty funds, but could not find my name listed.
Get all the info straightened out before considering a sale. You want any back royalties that are yours. Contact the operator. They may be trying to find you in order to get you into payment status.
Below is the last 12 months production Basa reported to the Texas Railroad Commission from the unit you described. With the units crude production averaging around 5,500 barrels a month at a $60/barrel crude price the .000047 RI you said you have should amount to around $1500 a month in royalties.
Hi Anne_P, if possible you should contact your operator with your name and the name of the person you inherited from and check if there are any funds “in suspense”. The operator may have your name, but no contact information. Be patient, some operators communicate easily over the phone or with e-mail, but others rely on regular or certified mail for most communication. Also, check the county records to see if you are listed as a current land or mineral deed owner. If so, check if you owe any taxes. Definitely try to understand what you have before pursuing the option to sell. Hopefully you will find this forum to be very helpful like I have. Many have started out where you are.
Hi Dusty, Thank you for this information! I’m trying to understand how royalty payments are calculated. In this example, I got a different amount, maybe I did my math wrong. I just multiplied number of barrels times price times RI and got $15.51. I like your number better though! Could you help me understand how the math works? Thanks!
Anne,
I recovered some unclaimed royalties in Stephens County about ten years ago. The monies may be held by the operator, county or the state depending on time and amount involved. The funds will be held in the name of the last known relative who updated ownership in the county. Clearfork should be able to provide this info since they were able to track you down. Basa would be able to check for names of relatives; they may or may not tell you names of owners with 0.000047 RI being held in suspense. If the funds are held by the state or operator you should be able to claim without using an attorney. You will need to provide copies of wills, probates etc. to prove ownership. If the county has funds you will most likely need an attorney (must be a Texas attorney) to petition for the monies. The attorney can also file all your documents so that ownership will be in your name. It will be a process that takes several months. Good Luck!
