Be sure and have the deed recorded at the county clerks office in the county were the minerals are. Guess you probably knew that already. Chris can get the CERTIFIED copy from the co. clerks office, right Rick?
Any recent news on Sec 7, 3N 4W? We leased about six months ago and have not heard anything. Just curious if anyone has an update.
Thanks!
Oh, sure, Vickiā¦itās all coming back to me now. I had 17 2n3w instead of 19 in my head for that first Williams. There for a while I could keep them all straight but there are so many of them now I lose track! Hopefully you will get something good on 17 soon. If you guys have a get together soon~donāt have TOO much fun~oh yeah~go ahead and let err rip tator chip!!!
Or lease to the LLCā¦that is what I am doingā¦file lease in courthouse and send to Operator.
Chris, Are you trying to do something fancy with a working interest or transfer ownership and everything to the LLC?
completion report on 7-3n-4w
Rick, my main goal is to transfer a working interest into an LLC to protect other assets from any liability created by the working interset. My secondary goal is to transfer all the income (WI & RI) to an LLC for accounting purposes.
Iād prefer to keep the actual mineral interest in my personal name rather than moving them to an entity.
Not sure all those goals are compatible.
Gosh, Sandra, I canāt say whether they are right on your section but there has been drilling all around in that area so Iād really figure theyād land on you more sooner than later. Who leased from you? Some of these guys on here can probably search the records for you but I canāt navigate that OCC website and donāt even like to try.
Looks like a pretty good well Sandra
This is the oil sales October through February.
2700
6297
6100
6733
5705
Any idea how I assign the proceeds of a royalty interest to an LLC. In my case the interest was force pooled in my personal name but I would like to have the payments go to an LLC. Thanks for any pointers.
Just deed it to the LLC. One filed, submit a certified copy to the operator.
Nothing fancyā¦I just figure that if some weird event occurred and there was a judgement against my WI, I would have a firewall up between it and my royalty interest and minerals interest. So I keep the minerals in my name personally, lease to my LLC for a royalty. But like most of us I am somewhat new to this so let me know if I am over or under thinking something. I do that frequently.
Chris,
As far as I know the method you are attempting would be difficult and may not achieve the goals you are after.
To create the liability protection for your working interest, Bobās method of leasing to your WI_LLC sounds like the preferred method. All payments received from the WI should go directly to WI_LLC, Your joint billing and other expense related to the WI should be paid from the WI_LLC.
Having the payments going to another RI_LLC (or to yourself) could easily āpierce the corporate veilā and ruin the liability protection you are after.
You will have to run separate books, checking accounts, have meetings, and distribute funds to maintain that protection. One LLC can be a member of another, but that can cause more problems than it prevents from a liability standpoint.
Donāt take my word for it. Talk to an attorney and CPA.
We have a RI_LLC and WI_LLC. Iām waiting on the IRS to approve the change of the WI_LLC from a single member to a multi-member LLC, then I will transfer out WI assets to it.
I also maintain an LLC of my own. I use it for my outside consulting income, and also treat is as a land company would and lease other properties to it. I then bill and assign to the RI_LLC. I also bill RI_LLC and WI_LLC a percentage of the gross income as a consulting fee. From this I pay all of the expenses, fax, ISP, Subscriptions to database services, NARO/NODOA/AAPL classes and fees, etc. Things like attorney or landmen expenses related to RI_LLC and or WI_LLC are billed back to the respective accounts respective LLCs (or the estate trust)
Thanks everyone. Iām not too familiar with all this terminology but I will take your word for it that it is good! Itās Marathon that leased from us Linda. Thank you for the update!
Jennifer,
The comps I can find are right at that. CLR has some applications in section 30-1N-1W that is just East of your section, but no pooling yet. Once the pooling order is out, it will have some impact on yours.
Linda,
What I do is send the deed in to be filed with payment and self addressed stamped return envelope. You get the original back. If it is a case where I need to send a copy to the operator to clear an issue or change ownership, I include a request and payment for a certified copy (or copies) to be returned also.
Chris can get the CERTIFIED copy from the co. clerks office, right Rick?
Thanks Rick- I think I will wait a while and see if the offers get better or maybe wait for pooling ā if and whenā¦
One thing I always remember about one of the differences when we incorporated was before we could use personal checks to buy company stuff and the other way around. Then, when we incorporated there was NO MORE CO-MINGLING FUNDS! Personal money and business had to be kept separate from the Companies.
Jennifer ā Just based on proximity, I would do the same and wait a bit for your 25-1N-2W. There is a lot of action just east of there and the deals have gotten better closer to pooling. You might be amused to learn that CLR is saying they have already have a big position in your section in their shareholder presentations 
Here is a snapshot of their map with section numbers overlayed:
