If they find out you are marketable, they owe you the 12%. Their problem if they can’t get the work done in time. If title issue, then 6% (for now). Statutory that they have to pay on time.
If it makes you feel any better, I just got a DO seven years late!! That was a nice interest check and a whole lot of missing royalties. Keep good records! And save the certified return receipt green cards!
I called Rimrock Tuesday and left a “less than nice” message regarding the lack of info on the MCCAA 1-30-19H. I got a call today from the Division Order dept. She said they are behind on their title opinions. They are in process of issuing checks to cover the first six months sales through 4/15. This will keep them from having to pay interest. The division orders will come later. They are hoping to get on a monthly payout by June or July. She gave me the direct contact info for the Division Order dept. The following is the contact info…
Thanks Frank. Do I have to use a lawyer or is a letter from me sufficient? After I receive the check I wii try to analyze the distribution and decide how to proceed.
Their check stubs are hard to reconcile because they use running totals which use new sales as positives and subtract old sales numbers including all the other subtractions like marketing and Okla withholding tax.
Received a check on MCCAA 1-30-19. It was dated 4/30 and included sales from 10/17/17 to and including 2/18/18. How many months do they owe interest? How do I proceed to collect?
My family has been offered a lease to clean old wells, but I suspect a pumping well is already in the lease area. How does that play into the lease? How do I research the old wells?
I received a check from Rimrock today with no explanation as to what it covers. Dated May 3, with a vendor number instead of an owner number and has an invoice #. Don, did your check have a vendor # or an owner #? This could be a lease extension instead of royalty payment I guess.
**Martha, ** the correct name is MCCAA 1-30-19H. The legal is S302N2W Garvin County. Even though OCC records show production started 9/17/17, the only item for that date was a negative amount for gas as a deduction. There was no sale of gas on that date.
Darla, the check has my owner number and no invoice number.
Not horizontal area. The old wells are in Section 2-3N-2E. The original wells were drilled in early to mid 80’s. I think about 5 were drilled and I have seen one still pumping.
Hi Linda: Could that rig you saw to your right close to the hiway in Stephens County have been another KELLY going under hiway 29 and producing from sections 14 & 11 of 2N-4W? If it was about a mile south of hiway 29 it could be another BOLES or a CLARENCE to produce from sections 23 and 14 of 2N-4W. The McCLELLAND isn’t as good at producing oil as the KELLY & BOLES wells are but it is producing from section 23 south under section 26 and 35. All of these wells were drilled from less than a mile south of Hiway 29 and tap from sections immedietly east and north of of your dream (and ours) section 34 of 2N-4W. Maybe we will see some new action moving south and a little west in this township. Next time you are down that way see if you can identify the rig and post it in the Stephens County section and I will try and research it. Thanks, Don Fry
We bought an old lease at one time years ago and my husband and brother in law went over and cleaned up the locations themselves. They also did the work on the wells themselves as we had the little rig to do it with. Later when we sold the wells we had to count everything they made over what we paid for them as profit. Our accountant said we should have hired them cleaned up because we couldn’t deduct our own labor off of what they made. That was when oil was really cheap so we really didn’t make much at all on the wells and they worked like a sled dog. Lesson learned! lol