I had a similar problem with XTO. They were in production 19 MONTHS before I found out. I called and they said they did not have a valid address. 12% interest on unpaid royalties begin 6 months after production beginnings, I think it is really after the first sale.
I found the Completion Report for this well - SCHULTE 1-19H. As you said, first production Nov 7, '11.
I also found this on Continental Resources Website:
Q.When can I expect my check?
It can take up to five months or longer from the first sale on your well before you receive a check, depending on the state in which the well is located. However, if you are advised of a title dispute or adverse claim affecting your interest it must be resolved prior to disbursement of revenue.
After the first sale, monthly checks for oil and gas revenues are mailed on or around the 25th of each month. If you have not received your oil and gas revenue check by the last day of the following month, please call our Revenue Department at (800)-256-8955 x705
Daniel, thank you for your response. I did hear from Continental today and they told me they had not received final title research from the landman yet and couldnāt do anything or give me details until his work was completed. I thought this would have been completed before bonus checks given? This is our first experience with the whole process from start to end and not sure what to expect. Thanks again, for your help.
It is labeled āRESIDUEā with a price of around $2.30 -$2.40
BTUs. I canāt remember where I read a post about the BTUs, but I check my royalty stub and one of the wells has a BTU factor of .9925. I have no idea what that means, is it high, average, or low, good or bad?
Daniel that is dry natural gas, with the price have they choked back the production and i guess that some companies have shut the wells in until the price goes up.
Daniel i think that would be consider dry gas. What was the pay scale on it? I know I was told on our well just drilled in Grady County that the gas is around 1400 Btu which is considered wet and was paying between $5 and $6 per 1000 cubic feet, i will know for sure after we get our first check which i look for around Thankgiving. I know dry gas is gettig around $2.50 market price. Maybe some one with more knowledge of this subject will add to this discussion.
Hey folks, I have been made an offer to renew a natural gas pipeline row, to operate and maintain and existing 8 3/4 inch natural gas transmission line for 20 years. ROW is 103.00 rods in length, 50 feet in width and containing 1.950 acres. They have offered $ 50.00 per rod. My Great Aunts were involved in the original negotiations 20 yrs ago. The property is located in Blaine County, Oklahoma. Please any thoughts/help on the price per rod? Many thanks to all. 35-16N-12W
Tom, I would suggest you get help to negotiate this.
The going rate in Blaine County, with all the Woodford development, is about $200/rod. 35-16N-12W is in the field of new Woodford development. There is a good Woodford well in section 25 immediately to the NE. I imagine your offer is from an old legacy company, but still, regardless, $200 is the going rate in the area.
If you have the land locations or the names of the wells, you might try looking on the attached link. Unfortunately, not all well information was added or kept updated but you might get lucky and find out the proper company/companies to contact. http://www.occpermit.com/WellBrowse/Home.aspx
My mother in law who has been dead for roughly 13 years used to receive gas checks from Blaine County. Before she died she had stated that they would buy her a banana split periodically. The wells I believe were old and have maybe been plugged since then. I am not for sure of the sections and legals. Her grandfather homesteaded in the area. I believe they came in on the Fipps side. James Albert Fipps, and some of the names might be Kephardtās, Minnie Ann Fipps Coffey was her mother. Anyone connected to any of these by chance.
My mother in laws name was Berniece Coffey Gerst Collyar and she resided in Garfield County Oklahoma (Hayward). I thought harder and her royalties may have came from her grandparents on the Karp side. We did receive mineral rights from her in Garfield County, OK. No will and never probated and if I listened to her at all in Blaine county she had 32nd share of 640 acres, who really knows. Might just be lost!
For everyone in these discussionsā¦
Do NOT do business with Ferrell Oil out of Oklahoma City. We had an offer to purchase minerals in Grady County, 11-03-06. Jim Meyer with Ferrell said he represents a college endowment fund and wanted to purchase our property for the school. We negotiated a purchase contract with them and was asked to fax it to them with our signature so they could show it to the school to get funding to close the purchase. He said it would take 30 days to do a title opinion. They, however, never did sign the contract and return it to us.
As it turns out, they are a broker and do not purchase property for their clientele rather than look for a buyer once you agree to sell to Ferrell Oil. They will want to issue you a 30 day bank draft and if they canāt find a buyer for your property in those 30 days, they just donāt pay the draft. We negotiated to be paid by ACH/Wire Transfer.
We will find another buyer but DO NOT do business with Ferrell Oil out of Oklahoma City unless you want to sit around, be lied to and then never get the deal closed.
Also be wary of them doing business under another name.
Just found a copy where a cousin probated a will, so here are the legals Iāve been questioningā¦ Blaine County Section 26 19N 13W.
Bruce - First, which township and range is your section 7 in?
In general, activity has fallen off dramatically in Blaine County. A lot of the Woodford wells have too much gas ratio to support the current low gas prices.
I just received a request to lease our rights to section 7 and the lease bonus is a lot less than 3 years ago. Anyone with some current lease rates? Thanks
Hereās an article about the geology of the new Meramac Shale discovery by Newfield in Blaine, Kingfisher, and Canadian counties:
http://seekingalpha.com/article/1818562-meramec-shale-oil-play-unveā¦
JW
Thank you for that information. These minerals belonged to my mother when they were previously leased to Devon; however, they didnāt drill when that lease was in effect.
I have minerals in the same section, and just received an offer too. $800 for 3/16. Blue Star would leasing on behalf of a larger company.
Things are really slow in Blaine County right now. However, they did hit some pretty good wells in the immediate vicinity before the slowdown. In the general area, I havenāt seen anything over $1000 for 3/16. It would be possible to get 1/5 and a lower bonus; I would ask and see what they offer. I usually try to hold out for 1/4 royalty and what little (or no) bonus I can get. If you are thinking long term, this is often the best way to go in the Woodford Shale areas. Another option is to hold out and get āforce pooledā if indeed they decide to drill. At that point, you would be given some options to choose. The down side is that if they donāt drill, you would lose out.