Last year, my mother passed away and left royalty mineral interests in three states and multiple counties. Currently the BOKF/Bank of Texas is managing the interests, but they’re doing a terrible job.
I am going to take over managing them and I’m looking for the best system(s) to be able to Identify missing royalty interests and payments and to evaluate interests if we want to sell. A plus would be downloading revenue checks data.
Is there such a system? Or multiple systems that could help manage the interests?
I use MIneralWare for most property/royalty management issues. Strong system, but the entry cost requires a larger royalty income. I also use Copper CRM for communications and research. Google Workspace for document management. You can also use EnergyLink Essential or EnergyLink Basic as Property/royalty management tools.
Welcome to the mineral world. There are various systems designed to help track and manage minerals. To use them effectively, you need to first identify all the minerals, by state, county, and description (including gross and net acres within each tract) in order to enter the references. Do you have a good list of this from your mother’s records and the bank? Ask the bank for copies of scanned and physical records of leases, deeds, division orders, check stub detail, property tax statements, well data in its files. Unfortunately a lot of banks retain minimal records and only for limited years. In that case, you are going to have to search the deed records and other sources. Some companies send the check detail to you and others use services such as EnergyLink where you can download the detail. You can easily determine which wells are currently in pay. But some may be in suspense, waiting on division orders or other things. Are the minerals in your mother’s name or a trust or an entity? Will title need to be transferred in deed records by probate or trust dissolution to the heirs? Then notice and copies of deeds sent to oil companies. If title is in an entity, then you will still need to notify the oil companies of a new address and manager with signatory authority, and any new bank account(s) for direct deposits.