My mom passed 12/31/17 and we gave notice to BP in May of 2018. The last royalty check came in June of 2018. Mom was in Texas so the will was probated here and we also had it probated in Dewey County, Oklahoma as per directions from BP. We have submitted all requested information to BP several times but still have not received back payments to my sisters and me. The property was sold to Latigo Petroleum in May of 2020 and they are current with their payments but BP will still not pay after numerous contacts. What are the options to collect from June of 2018 to April of 2020 from BP? Any help would be appreciated to clear the estate!
Make sure that they have not excuse. Each owner should send a certified letter with a W-9 and a copy of the probate order showing that it was recorded in the land records of Dewey County.
Remind them of the Production Revenue Standards Act Section 570.10(D)(1) - Proceeds from Sale of Production
“where proceeds from the sale of oil or gas production or some portion of such proceeds are not paid prior to the end of the applicable time periods provided in this section, that portion not timely paid shall earn interest at the rate of twelve percent (12%) per annum to be compounded annually, calculated from the end of the month in which such production is sold until the day paid.”
Thank you! I haven’t looked at this forum in a while. The property was purchased by Latigo and the money was being held in suspense by BP but was forwarded to Latigo. Latigo is up to date on current production from May of 2020 till now but is still holding the nearly two years of production. They keep saying they will check on it and will get back to me but I never hear from them. I’ll use this Production Revenue Standards act in our next conversation and if that doesn’t work I’ll be calling you. Thanks again!