Inadequate pay for lease renewel

My family was involved in a lease agreement in which the original oil company sold the lease off to another company. There was no variance on the offers despite different generations being involved bc at total there was around 300 of us and we were all offered the same amount bc of the large number involved. We leased for five years and were contacted by the new company at the end of the term about releasing for an additional three years as per the original contract. All original contract holders were paid the same and signed the same contract. The new company is dividing shares down even further than in the original lease and the amount listed to pay per acre for release does not add up to the amounts being received. Is this common within the oil and gas industry to avoid making full payment or obligation on sold out leases. Can I demand to see distribution of payment on the land from said company?

To answer your question simply, yes you can demand to see it. The operator will provide you with all of the information you should need through your check stubs, if you have old and current check stubs you can compare your decimal interests to see if anything has changed.

VAOK is correct, you can demand to see it and you should ask for it. You have made an assumption that the “original oil company” had the correct figures the first time around and that the “new company” is making a mistake. When dealing with humans, mistakes are made. You should prepare yourself with the information you have to show what you believe you own and why.

Todd M. Baker