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 hasn't 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.
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 doesn't absolve them of their duties to pay interest if they don't pay on time.
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 āless than niceā 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 infoā¦
Trella Carter
DO@rimrockresource.com
Mellisa Ellis
mellis@rimrockresource.com
918-301-4574
"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. "
Hmmm.
Don, the date of first production was reported to be 9/28/2017--440 BBLs oil per day, 4051 MCF gas per day.
So ask a lawyer if 3/27/2018 was the deadline for receipt of a royalty payment without interest.
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?
Don, what section, township and range for MCAA 1-30-10? They have to pay six months after first sales. I can check it for you very quickly.
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?
Judy,
What section, township and range? If it is a horizontal area, be careful that you are not getting offered a top lease.
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.
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.
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.
Anyone have active leases near Maysville?
My cousin and I have mineral rights in the NE corner of Maysville - Block 1 Lots 1-4.
Don, "First sales" is the critical date and that was not until 10/05/17. The check for April would mean probably no interest.
Marilyn, we need section, township and range.
I haven't chimed in, in a while and was wondering if anyone knows of any activity of late in 1N 3W Sec.29. Thanks everyone, this site is such a help.
Thanks Don...I'll give them a call
Hi everyone, Iām new to the sight, been reading the posts here off and on for some time and didnāt want to get ahead of myself before posting. Now that the final decreed is done Nunc Pro Tunc, Iām trying to learn more about the mineral rights that I own. Below are the descriptions, donāt know how many acres there is in each description or which ones are pooled or leased. Any help I can get will be greatly appreciated. I live out of state, and I just donāt have the time to do the research at the court house like Iād like to. All of these were Layton Gardner owned, my mother was Joyce Layton Welch.
Section 36, T3N R3W of IBM S 1/2 NE 1/4 SE 1/4 and the SE 1/4 NW 1/4 SE 1/4
Section 36, T3N R3W of IBM N 1/2 NE 1/4 SE 1/4 and the NE 1/4 NW 1/4 SE 1/4
Section 31, T3N R2W of IBM Lot 4 and the W1/2 SE1/4 SW1/4
Section 32, T3N R1E of IBM NW1/4 SW1/4
Section 10, T2N R3W of IBM N1/2 NW1/4 and the N1/2 N1/2 NW1/4 and the W1/2 SW1/4 NW1/4 NW1/4 and the W1/2 NW1/4 NW1/4 NE1/4
Section 3, T2N R3W of IBM S1/2 SW1/4 and the W1/2 SE1/4 SE1/4 and the S1/2 N1/2 SE1/4 and the NE1/4 SE1/4 SE1/4
Floyd 1H 3X sec 3 sec 10 of 2N 3W, we have a 6 acre interest in this one, Newfield Exploration holds the lease.