I received a letter yesterday from Profile Energy LLC Oklahoma. It’s offering a lease for 40% if I sign by Oct 1st 2025 today if 9/17/25.
Is this a scam because it’s claiming I am an unknown relative that they have held monies for 7 years and now I need to sign a lease to revive my portion. However I have paid taxes on this property in WV for years. It is not producing.
Any suggestions on how to address this issue?
I saw a previous post about this same company but didn’t see how it was resolved.
Personal RED FLAG. Be sure and do a LOT of due diligence before dealing with an offer like this. General statement only-Some groups offer to lease when the wording on the document is actually for a sale. Some are using the percentage as a Lease option when they are really wanting to keep 60% as a finder’s fee while they know there is income in suspense at the state. Anything that has a time rush on it is a red flag. This could also be a “Dormant minerals” issue. This company tried something like this in WV back in 2021. Here is my answer from back then when a different person asked the same question.
“Is the lease in a productive area? Is she getting royalties? Or was the area never drilled? If the minerals are not in production, then they are considered “dormant”.
The company is referring to what is called dormant minerals. There was a bill introduced in 2019. Can someone in WV verify if it passed? HOWEVER, in the bill it says that there is a grace period of five years after the bill is passed for any mineral owners to assert their rights. That five years is not up if the bill passed. Several other states have similar laws and the ranges of time in which to claim minerals varies. In the states that have dormant minerals law, all that is required is filing in the county courthouse for a very small fee that you claim the minerals. There is usually a simple form to fill out that has specified margins, a place for a stamp of the county clerk, name, address, description of the minerals, etc.
I suggest that you call your county clerk that handles title for mineral owners and ask if the bill passed and if you have to file the claim form for your mom. Do they have a template that needs to be used. You can do it yourself for a few dollars. I would also ask if letters like this have been reported.”
You need to find out how to file for keeping your minerals since they are non-productive. You may be bumping up against that five year time frame, so hop on this quickly.
The letter will tell you the case. There was a period of time, prior to the new act, where a court would appoint a Special Commissioner for missing and unlocatable owners. The Special Commissioners woujd then do a lease to the company involved.
After the lease is issued, the inidividual named or their heirs have 7 years from the date of the lease to come forward and file a motion to reclaim their royalty proceeds. If they don’t do it, the mineral owner/heir not only loses their money in suspense but also their minerals. It acts like a dormant mineral act.
The statute involved in WV 55-12A-6.
There were previous posters who were advised just to file a claim in the county clerk’s records. They lost their interest.
Are you sure the property you are paying taxes on is the same property designated in the letter?
If you are suspicious or skeptical, talk to a WV lawyer, but don’t ignore it. There is no place where your name will be listed. If you look in unclaimed property in WV, it is not there. You can always look under Marshall county, IDX,which is a website showing what is filed of record. You will probably see your name or your ancestor under a lis pendens showing the lawsuit filed by Th Exploration or Gastar or whomever.
Again, don’t ignore this. you could lose your minerals.