My wife owns mineral rights in Williams County, ND, and has been receiving royalty payments from Crescent Point for wells it operates in 158N-100W.
Though MineralIQ identifies the status of these wells as still being operated by Crescent Point and in production, with estimated remaining production of oil as 45% left and gas as 55% left, payments from Crescent Point stopped at the end of Dec. 2023.
When we phoned Crescent Point we learned that it has sold its ND assets to Kraken Oil.
Our phone calls and emails to Kraken, to its customer relations and to its division order specialist, have not yet been anwered.
Does anyone have suggestions as to what might be going on, and what we should do?
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It is typical in sales like this for the new company to run title again unless they just take the deck from the old company. Then they send out Division Orders again. It can take months for that to finish.
Send a request by certified mail return receipt to Kraken Oil Division Order department so that you have a paper trail. Give your name, address, and names of the wells that you were formally paid on. They will likely need a new W-9.
Many thanks for the prompt and helpful response.
I usually give them about four months after sale before I really start bugging them. They are “supposed” to catch up on royalties.
Neptune Operating LLC, a subsidiary of Kraken, has taken over the Crescent Point North Dakota properties. They should have notified you in December and provided a new W-9 as well as a Direct Deposit Authorization Form. I filed at the beginning of January and Neptune cut our first check on January 31, 2024. Request the necessary paperwork from them.