Did anyone receive royalty statements/checks yet from this well? Thank you.
My dad did get a letter dated July 30, 2018 from Continental requesting his Federal Tax Identification Number, which seemed odd since he already has a Owner Number. There was no reference to any well in the letter. Chances are it is related to the Bovine well. I plan to call them tomorrow.
The owner number is the personal code that Company has for an individual or entity so that they can identify them in their company software. Unique to the company. And they change them when they change their software. They need the Federal Tax ID in order to pay royalties. Two completely different numbers.
Yep, I failed to mention that Continental has a W-9 form from dad related to his first well. Anyway, talked with Continental and gave them dad’s Owner Number and the Division Order Department is supposed to call me back to see if they want the W-9 form again. The person I spoke with said that the Division Order Department does not always get current royalty owners cross-referenced with the new wells coming on line.
Another thing that happened to me last year was the the Feds revised the W-9 and a whole bunch of companies wanted new ones on the new form for their accounting departments even though they had been in production for years. Go figure… Now if accounting would just talk to legal… who would talk to land department…
They are using the TIN (EIN or SSN) to insure the correct Owner Record is located and used to make payments on the new well. Using a. name only or even a name and address is not an unique identifier.
Yep, their letter confused me. The last sentence said to disregard the letter if we had previously provided the information. So I did.