Hello Fellow Glasscock County Owners, second post on forum. Glad to be here, I think I need help trying to wade this venture, I hope you can pull up a chair and help or try to lead me in the right direction. I have had an issue with an operator as of late regarding one of my properties in Glasscock. An Operator (not worth mention atm) informed me and my owner that they were concerned with the “validity of our Trust.” My owner was not paid upon a lease for about three years. The operator took over a lease from another operator, and sent us a letter stating that we needed to update our files. Numerous files were sent, (the standards Trust, W-9, Wills) yet the operator claimed that our Trust was invalid. For weeks we battled with the division order agent of the operator, the operator threatened that their legal department would be contacting us. Yet, weeks went by and no not one contact from the operators legal department. So I just CCd my attorneys office to an email asking which documents were still needed to correct this issue. At this time the operator relayed the following " Until you can furnish us a court order declaring you to be successor trustee the interest must remain in a suspense status."
Then with one statement from our attorney three years of unpaid interest is now in transit.
Ok, I may be new to oil and mineral leases but this is the way I see it coming from my property management background. A lessee is residing in a unit and after years is now claiming that I do not legally own the property. Being the legal owner, I know I have the deed, and have leased this to the lessee. The renter denies payment for three years, until my attorney reminds them of the law. My question is this, does this happen often? How trustworthy are operators?
This operator has made a negative impression on us. I am not sure if I should be more concerned for my owner as we have several leases with the operator mentioned above. My concern is this, IF WE were given the run around on this property, then how many other owners are dealing with this type of issue? I now am beginning an audit of all properties with this operator and (being from property management) this is a big project for me. Maybe you have seen my other post where I am trying to identify properties in Glasscock and match them with my operators and Deeds on file.
So other glasscock owners and supporters, have you had an issue similar to ours?
What other issues, if any should I be on the lookout for.
As I obtain information and become more familiarized I hope to help others as well. Thanks A Bunch.