Anybody have any experience as to how long Devon takes to issue a division order once a well is completed? Thanks…
My dealings with Devon over the past few years, has shown about a six month waiting period. But I believe it doesn't take that long if you have a free and clear title.
It used to be 3 to 4 months after completion.
We have a couple of wells completed around 2/28 so was just curious of the time frame since we haven't dealt with Devon before now.
I would imagine them taking as much time as is allowed but don't know for sure.
Thanks.
Information concerning royalty payments
http://en.allexperts.com/q/Oil-Gas-3147/2009/1/late-royalty-payment.htm
http://en.allexperts.com/q/Oil-Gas-3147/2009/1/Royalty-Division-Order-Late.htm
NARO information on royalty payments - Oklahoma Production Revenue Standards Act
Interest on royalty payments after 6 months from first production sales
52.§570.10. (Effective 7/1/93): Payment of Proceeds From Sale of Oil and Gas Production.
Interest rate - Marketable title: 12%
Interest rate - Unmarketable title: 6%, until the title becomes marketable.
In our situation am guessing a division order sometime in August with first payment in September. Thanks for all of the info!
Have you gotten a division order yet?