We are getting ready to receive funds from our leasing company after we completed probate. We don’t understand any of the language on the documents we are to sign. It has columns….
Int Type/ Pay Code/ NRI RI. / SUSPEND/ No Present Interest There are 56 of these for our 20 acres. I am not sure what this represents. They say like, Bone Spring and Burton Flat Deep Unit 47H or 55H or 57H ???
I’m not sure where everyone has gone to learn about the Wells placed on their mineral rights or the vertical drilling the horizontal drilling all of this. We’re supposed to sign documentation, but we’re not sure what we’re signing. Can anyone make sense of this please? We are kind of under a time crunch.
Another part says- Interst Transfered: 100%. Decimal Interest: No Present Interest Payor may accrue proceeds until the total amount equals $100, or pay annually, which ever occurs first, or as required by applicable state statutes. ??
Any help is appreciated. We just feel really stupid right now and don’t wanna be taken advantage of or lose funds because we signed off on something we didn’t understand. Thank you.