Has anyone received DOs on Antero well in section 7 3N3W?
Thanks for the info frank.
Hill Land Management from Edmond, OK
34-1N-1W is opening up due to well being plugged and Continental has been offering $1000 for 1/5 royalty and a 5 year lease.
Laura: Yes, just finished fracking about 2 weeks ago.
Kathy, welcome to the forum.
There is no standard oil and gas lease. You might have one offered to you that is labeled Producers 88 making you think that there is one, but there is not. Legend has it that the name comes from a printer that happened to have job #88 posted on a lease decades ago when they printed it. The first lease that you will be offered by a lessee will most likely need some negotiation as it will probably not be in the mineral ownerâs favor.
That area has been very quiet for many years. Ranken has a pooling pending in sec 5, so the rates from that pooling will give you an indication for what yours should be. The hearing date is supposed to be April 17, so wait for that news before moving ahead on anything in your section. They are trying to pool for the Deese, Viola, First and Second Bromide on a 40 ac spacing. The last well drilled in the township was in section 8 in April of 2017 by Ranken. it was tested with 1 bbl of oil in the Viola, so not good.
Karla, my family has a small interest there, havenât seen anything yet.
Lanny-no, probably because they are a new company. The address you list may be a drop box, not a real address. Try:
Name: MILESTONE OIL & GAS, LLC
Effective: 21 Feb 2018
Address: 8296 E 35TH ST
TULSA OK 74145 74145
CODY M LOEPP
Thanks Frank !
Has anyone heard of Milestone Oil & Gas, LLC, out of OKC ? They are trying to lease some mineral from a friend, and I canât find anything on them. They list a p.o. box number as box2266 and a zip of 73101. Nothing pops up on Google though.
Has anyone received any info on MCCAA 1-30-19H in Garvin County. It has been over 7 months since they started selling oil and gas. So far no division orders or check. Does anyone have any contacts at Rimrock Resources? Will they have to pay interest?
I stand correctedâŚthanks Darla. It was 12% rather than 10% and that is if there is no problem with proof of title.
Thank you Linda and Darla. I will be writing a letter. Rimrock does not respond to any mode of communication. I believe the Corporation Commisson will sometimes get involved if operators don,t pay in a timely manner.
Hey Rick, paragraph 9a posted by Darla says: Where such proceeds are not paid because the title thereto is not marketable, such proceeds shall earn interest at the rate of six percent (6%) per annum to be compounded annually,
**What is the interest rate if the reason Rimrock hasnât paid is they have not done their land examination yet? **
Depends on what their title opinion says. They are not going to pay you until they have that opinion.
Iâve seen people in the know on here say that if the company doesnât start paying you within 6 months of the time of first sale of oil and gas that they will have to pay you 10 % interest retroactive to the time they first sold off of that well. I believe they also said you have to write them a letter stating that you want them to pay you that interest owed you. Best Wishes with this Don. Thatâs really good interest so it may be a blessing in the long run but Iâm always anxious to get those checks started.
Relevant portions from Oklahoma Royalty Payment Statute:
Oops I meant to include a link to the bill
Thank You Rick!
I agree. I think Rimrock is backed up getting all their title opinions done. I was able to send some title updates to one of their examiners, but they never responded back. I think they are over whelmed. This doesnât absolve them of their duties to pay interest if they donât pay on time.
Darla,
Just an FYI, there are some changes to 570.10 coming in November.
HB2775 has been signed. It primarily impacts non-marketable title interest basing it on prime interest rates.
It also forces Marketable rate on those portions of the property without title defect. Say you have two tracts in the same well obtained at two different times, the have to pay the part that is marketable.
It also now mentions Affidavit of Heirship. However, âacceptableâ is still there, so the operator will have to determine their risk exposure. I donât really think we will see any changes because of this.