In 2010 we signed with "Springfield Oil", who sold us to "Marathon Oil", who sold us to "D. J. Resources", who sold us to "Bonanza Creek Energy" (BCE). We had no problems with any of the above until "Bonanza Creek". I'll list the problems below, but I'm looking for anyone who has had dealings with "Bonanza Creek" and is willing to share.
The first thing (BCE) did was to withhold a months worth of royalties, telling us that Colorado law allowed this, we will forever be one month behind. We had been receiving royalties for about three years prior to this.
When they sent out the first two months checks they were only about 1/3 the amount we had been receiving prior. When I called them they said it was because of declining oil prices, but oil had only dropped about 20% up to that time. We studied the reports that they sent and found they weren't paying for two of the three wells in production (they said they were sending the monies to someone else). After great effort they agreed and sent a slightly larger check. Further research showed they didn't include either oil or gas for two months. They now promise to investigate further. Also we noticed that they a now charging a 4% administration fee for figuring our royalty checks.
I don't know if these people are incompetent or crooks.
Any feedback will be welcomed.
Don Reed