I am new to this site so please excuse my ignorance!
My Grandfather owned 50% of the mineral rights to a "Tract" of "land" in Weld County Colorado. The other 50% is owned by two non family members (each has 25%). They are not related to one another. Through inheritance by siblings and I plus several cousins now own small percentages of the wells.
Recently, we received a letter from the Oil/Gas co. working the wells that new wells are now producing on our "tract". They are holding all proceeds from the new wells because;
"There is conflicting information as to ownership (percentages) and they need to re-examine all documents OR all parties must execute a stipulation of interest with words of grant and cross conveyance to vest each party with their respective interest."
So, my question is, do we need a lawyer to draw up the stipulation? Also, the company seems to be saying that all proceeds will be held until ALL parties have signed a stipulation. However, two of those owners are not in any related to our family. Are we responsible for contacting them and encouraging them to sign a stipulation?
The letter basically ended with information that the new wells are producing and we do have money being held pending resolution.
We are also confused that we still get our royalty checks from the "original" wells...why are the new wells different? Wouldn't our percentages be the same as they are for the older wells?
Hope this isn't too confusing but to be honest I am way outside my comfort zone!