HGI Corporation has not sent a royalty check for a year, no 1099 for 2012, no request for taxes. Appears to have abandoned conduction of business. Field operator says well still producing; "secretary" only comes in on weekends, but doesn't know anything - only called me back after I contacted Texas Attorney General. Owners are absentee, travel the world. Can anyone tell me how I can proceed from here? I'm in California and gas well in Texas, passed down from grandfather/father.
Could be a title issue. If your interest doesn't have clear title, your payments will be held in suspense. Granted, they should contact you to attempt to fix it if that's the case.
For 2011 they were reporting more expenses than there was revenue. You would have had a failure to produce in paying quantities case. For 2012 they are reporting more revenue with over 50% in expenses. HGI only has your well still producing in Texas. Coyle-Concord Oil in San Antonio is the largest owner. I would see what or if they are doing anything about it.
johnson county wyo
Ive been contacted by a landman for Contex energy regarding leasing mineral rights for 20 acres for f5,000 signing and 15% for 5 years, Contex has leased all 160 surrounding from others on the same lease, I am terminally ill so it makes more sense for me to sell at the highest profit I can. how do I go about doing this? Can anyone help me? Thanks Pp
Cat, I would say you need to start your own thread so you can get more notice. There has been another recent thread discussing how to sell minerals by auction. Search "Want to sell my mineral rights- Pawnee County, KS". Thread there by Ms. Gallagher has two links posted by mineral joe, for Mineralownermart.com and Mineralpost.com. I wish you the best.
Cat Dancer said:
johnson county wyo
Ive been contacted by a landman for Contex energy regarding leasing mineral rights for 20 acres for f5,000 signing and 15% for 5 years, Contex has leased all 160 surrounding from others on the same lease, I am terminally ill so it makes more sense for me to sell at the highest profit I can. how do I go about doing this? Can anyone help me? Thanks Pp