Dear forum members!
My cousin, my two sieblings and myself, all residing in Norway, are going to inherit a 160 acres property in Divide County. Oil production started on the property in 2015. This is very new to us, and we don't know much about the oil industry, beeing mineral owners a.o. We need a lot of information so we can educate ourselves. So we have some questions we hope we can get answered.
- There is a signed contract with Diamond Resources Co. giving us 17,5 % in royalties. Is that concidered a good figure?
- What is the tax regime in North Dakota on royalties from oil production?
- Are there any organisations for mineral owners that you can recommend offering information, education and legal advice?