Seeking advice - Royalty check from new company (Oasis Transportation & Marketing) being returned from bank. Called Oasis, and rep apologized, and said replacement check will be re-sent. The second one “bounced” as well. Never had this problem before. How would you handle this? … why would this happen? This is a new company to receive royalty checks from - so unsure what to think. Anyone have similar experience or can add info about Oasis? Thanks in advance!
Send a certified letter return receipt demanding payment and interest. Keep a copy of the green card. With interest rates so high now, it will get their attention.
Thank you for your help. I will do that.
Maybe also add that you will expect reimbursement for any bank fees.
Keep a running file with copies of any correspondence in case this ends up in court; You need the proof that you have requested payment. Also copies of any bank fees that were charged.
Sounds like they have problems. Hope it works out. Doubt it
I work for Oasis, this happened when we were implementing positive pay on our revenue checks and we were still working out the kinks of that process with checks coming back to be approved due check exceptions. We also reimbursed any owner who stated they were charged by their bank for any return fee that may have occurred. If we did not reimburse you, please contact us and we will be happy to do so.
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OK thank you, Oasis. As stated, the issue is not just bank fee reimbursement - but that your replacement check bounced! I don’t know who you are, but I will send a certified letter as advised earlier. I just don’t want to have to repeat this request for payment again and again. Does not make sense.
I sincerely apologize for the inconvenience, please contact us if you are still having issue with your payment. We send out a few thousand checks each month and the issues with checks being returned after deposit has been resolved. Our phone number is listed at the top of your division order along with our address, it is also listed on our website.
That’s nice it’s all straightened out. It is a big job
Is property Germania (Grayburg) Unit Tr1 (607620A) paying out? I was told by the previous operator that there was a electric problem with the rig which why there had not been payments for a while. I was sent a division order in September 2022 and have not received anything yet… Can you give some insight?
Hi Rex, Yes, I do see that there are purchases allocated to that tract in the unit. Based on the tract participation, Tract 1 receives 1.645150% of the production. If you would like an updated suspense record on your account, send an email to divisionorders@otmc.com. Include your name and owner number if you have it, along with any other questions you may have. Our first purchase on that lease was in 11/2022 so any suspense associated to the lease will be released 11/2023.
Thank you, division orders did respond, but they are only showing just under 3 barrels of oil produced a month total, how is that possible for such a large unit? Momentum had told me that the unit had been damaged in a storm which is the reason for the low production at that time, has the unit been repaired? If not when is it expected to be returned to production at previous levels?
Thanks
Apologies, my response was sent and posted before I had the chance to complete it. Oasis purchases what is produced at the lease and that production is allocated accross the other 13 tracts in the lease based on the tract participation that is set out in the lease agreement. I will make sure another email is sent to you with contact information for KRF, they can hopefully fill you in on the operational status of the lease.
Oasis is the crude oil buyer on the lease and we pay out royalties on behalf of the operator. The current operator is KRF Production Company, they purchased this lease from Momentum Operating in 2022. KRF would be your best source of any operational related question. Oasis only purchases the barrells picked up from the lease,
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