Inherited my mom’s very small rights and I’m lost as a goose. Received first check for 7-22-9XHM and 14-22-9XHM.
Are these new wells and is there an estimate as to how long they’ll produce?
Is there a way to track their productivity?
Any info you can provide would be deeply appreciated by me and my sisters. If there are other things I should be asking about, please provide as well.
Thank you!
Yes these are relatively new wells and there are several more(possibly 10 more depending on the location of your minerals) of them that you should receive revenue on shortly. Your first check is for 4 or 5 months of production on each well. The next check for those wells will be for 1 month so don’t expect the monthly checks to be like the first ones. Only time will tell how long they will produce but there is a fairly steep decline in production in the first year with a gradual decline after that. The amount of revenue is also dependent on the price of oil & natural gas. Congratulations.
You may track their productivity using your check stubs. The amounts are oil and gas, prices, net pay and months of production are on the stubs. You can make an Excel or Numbers spreadsheet. Save your check stub statements for seven years for IRS purposes. Be sure and save the 1099 that they will send you every year for your taxes.
You can also download a listing from the OKTax site. It will list that last 12 months of production (delayed by a few months) and print it out. Your oil should match fairly well, but the gas will not be exactly the same for various technical reasons. Use it for a general guideline.
https://oktap.tax.ok.gov/oktap/web/_/ Go to the HELP box lower on the page on the left (you do not need to set up an online password). Use the Public PUN item. Type Courbet into the Lease Name Box. Hit Search. A list of all of the wells named Courbet will come up. Select the ones that match your section. I chose 7-22-9XHM to start with. The PUN blue number will come up and you can see what date it became active. Go to the Production History page to get the most recent production. Hit the Print button and you will get the whole set of info.
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