I am filling out the paperwork sent to me by Epiq. It asks how much I am owed and I really have no idea. Our locations are; 27N 17W sections 3,4 and 10. Any help would be so appreciated!
Most royalty owners do not need to send back the paperwork if their wells have been online for a while. Royalty owners have a protected status. There are quite a few more comments on the forum on bankruptcies. Most are found in the NARO topic area under the Bankruptcies category. Also check the BLOGS area. Some good info in both places.
Thank you very much!!
Not sure what “protected status” means. Does it mean that, if we had OK wells producing through Chesapeake, with their paying royalties to us in the past, that we are part of the ongoing suit/auction/legal proceedings and that no action is needed by us at this time? BTW, our wells are shut in currently. Any guidance appreciated, as I need to explain this to other family members who are also getting the mailings from Epiq!
In general, the royalty owners are usually given a preferred status and they need our leases and royalties to pay their bills. So they have to pay us! CPK actually tried to get around that, but the judge would not allow it. However, you do have to pay attention to which state a bankruptcy is filed in and read the paperwork and look for the paragraphs that pertain to the royalty owners. If you have any recent leases that haven’t been paid, or some outstanding payments due, then you need to file paperwork. Good explanation is in the BLOGS area on the forum. Also watch the Chesapeake thread on the NARO Bankruptcies area
NARO presented a webinar on this very thing yesterday: Operator Bankruptcies in 2020 by a Mr. Michael Reer with Harris Finley Bogle in Fort Worth, TX. He had a slide on what a royalty owner in Oklahoma needs to do and when. They will be posting the webinar on their website soon with his slides. Hopefully, NARO or Mr. Reer will a good resource for you.
I watched the same webinar. It was excellent and quite helpful. That being said, I may have to amend my statement from above. It might be wise to list all your properties that you have with Chesapeake if you do get the statement of claim paperwork-just in case.
Thank you so much Helen. I do have a statement of claim to fill out. Hoping to get some of the money CHK owes us. Best, Stacy
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