The interest is only on the royalties, not a pooling. Six months from first sales.
“operations” definition can vary according to your lease language. Some will have a very precise Commencement of Drilling Clause, and some will have a very vague “operations” which can mean filing a permit, putting a stake in the ground, clearing the pad, etc. So the date for “operations” is dependent upon wording. The date for royalty payment is based upon first sales.
Thank you for the information ! Do you know if it is 3 months on gas ?? I have seen that on here also … And it looks like they have started drilling does anyone know a date that they started ?
Only saying that operations started before the well was spud. Every OGL has specific language, yes, but actual operations began before spud regardless of what the lease language says “must happen” in its case. Spud does not always mean that drilling to total depth has begun. Many companies are using “spudder rigs” to enable them to save money & drill wells to TD in a shorter amount of time. These spudder rigs generally drill the “water string” and then when the big rig gets there, they are ready to go.
Put your section, township and range. There are few in this string.
She is referring to 26-8N-7W
I see a permit for Chastain 1H-26-23 in October of 2017. I see a notification of Well Spud 10-12-17. By Travis Peak Resources. I see a new amended permit as of 7/12/18. Changed to a Woodford target. http://imaging.occeweb.com/imaging/OGWellRecords.aspx
Statutory payments are six months from first sales. There is usually a delay in reporting. Oil is reported first and gas is sometimes reported later.
Thanks for the info!
It seems we have some work to do on our end. My aunt received an offer letter for her mineral rights. When she contacted them they stated they could not make an offer because she does not have the deeds.
The original attorney that had reached out to her in the first place represents Travis Peaks and it seems that he was only reaching out to make sure that she was aware that TPR was going to drill.
So is it better to contact a lawyer and pay them to do the research on the property or hire a landsman?
Keep in mind that the Affidavit of Death and Heirship will probably be good enough to sign a lease. However, when it comes to pay royalties (after production), you will likely need to have your relative’s estate probated. Typically an attorney can handle this using an expedited procedure. I typically use the summary probate process.