I inherited a small interest in several tracts in Roger Mills county (Ok.) a while back an was wondering if anyone could help me with the following: No revenue has been paid on one certain tract since 2004. The OCC still shows the well to be carried as AC (which I assume is active). Since it has been seven or eight years since any revenue has been received, is this tract available to re-neogotiate a new lease.
You will need to check the terms of your lease. You should also check and see if the well is producing any volumes. You may be entitled to revenue and the producer may not be paying you.
What section, township and range?
No production reported to the OCC since 2004. The lease states that for $1.00 per year the lease is valid. I haven't received the $1.00 per year. I am checking un-claimed funds to see if possibly it was
sent but never received.
Brian Upshaw said:
You will need to check the terms of your lease. You should also check and see if the well is
producing any volumes. You may be entitled to revenue and the producer may not be paying you.
larry d. sanderson said:
No production reported to the OCC since 2004. The lease states that for $1.00 per year the lease is valid. I haven't received the $1.00 per year. I am checking un-claimed funds to see if possibly it was
sent but never received. I don't have it in front of me but I think the interest is in Sec. 1, 14N - 24W of Roger Mills County.
Brian Upshaw said:You will need to check the terms of your lease. You should also check and see if the well is
producing any volumes. You may be entitled to revenue and the producer may not be paying you.
If there is nothing in unclaimed property, send them a certified letter return receipt, requesting a release/reliquish of the lease be recorded in the county courthouse.
Is there language in the lease that says if they forget to send the $1 that you must inform them and give them 30 days to rectify the situation ? The clock might not start running on that until you ask for the dollar if that is the case. I'd be looking at all the clauses that might allow them to "save" the lease.
larry d. sanderson said:
larry d. sanderson said:No production reported to the OCC since 2004. The lease states that for $1.00 per year the lease is valid. I haven't received the $1.00 per year. I am checking un-claimed funds to see if possibly it was
sent but never received. I don't have it in front of me but I think the interest is in Sec. 1, 14N - 24W of Roger Mills County.
Brian Upshaw said:You will need to check the terms of your lease. You should also check and see if the well is
producing any volumes. You may be entitled to revenue and the producer may not be paying you.