Moco I really appreciate the information. Thanks
For everyone looking for help collecting money and taxes on monies not paid!
Try this. Go to facebook and search for NARO-TX. Post your issue there.
I made ONE post on facebook 2 days ago(you can read my post there) and today Pioneer is calling me! After being ignored for years they say they are sending me DO's today. They say they didn't have my address. Strange because their Landman certainly knows how to reach me! But I don't care...I just want the money.
I was also told I was right about the taxes. If you are being billed for taxes on money you haven't received, it is in error. Either the county or the oil company has done something wrong. We should be able to get this fixed.
NARO is the the National Association of Royalty Owners(http://www.naro-us.org/)
Does anyone else have concerns about the transportation and Processing costs being charged by EOG? We have interests in 10+ EOG Montague County wells. Monthly charges have averaged from 8% to 57% of production. Last month we paid more for T & P costs than what we received net. Some individual wells have had charges of 66% in a month.
Sounds extremely high, but depends largely on production levels. Look at your lease carefully to see what they can deduct.
The T & P are deductible for Federal Income Tax purposes but the Gross is the basis for calculating percentage depletion. Hence we pay tax on the net minus depletion.
The interests are all overriding royalties dating back to the 70's & 80's when my father, a geologist, drilled many shallow wells and acquired interests in several thousand acres in Montague. The lease agreements upon which they are based are the standard "Producer's 88" in use back then. As I understand it, the Texas Supreme Court ruled in 1996 (Heritage Resources) that operators can deduct "post production costs" from royalties. I am just wondering if other royalty owners are being assessed similarly high costs.
We had an attorney add to our contract that we would not pay any post production costs. It wasn't that expensive and I am sure it will be beneficial in the long run.
I posted a new blog article that you all may want to refer newbies to who post "what do I do now" type questions. See,
http://www.mineralrightsforum.com/profiles/blogs/i-may-own-minerals...
What do i do now?
In mid 2010 I received a phone call from a family member with news that we had inherited mineral rights on the land my grandfather had owned for over 60 years until his death in 1971. I was sent a 3 year lease with a sign-on bonus of $350.00. My relative and i decided that we would wait for a better offer. After dealing with 2 more land-men and finally speaking with a person working in the royalty dept of the oil company it looked like things were going to have a good outcome. In April of this year i was sent a ratification lease with an identical lease signed by my relative. I thought it was a good thing, so went ahead and signed and had it notarized late in April. I was even told by my relative how much i could expect for a sign-on bonus and royalties. The land-man he had been dealing with told him this. After they received my signed lease i was promised that a person in the royalty dept. would be in contact with me in a few days. I waited for almost 2 weeks and finally i ask my representative to call for me, in my presence, to find out what was happening. They told him that, because i had signed a ratification lease, that i would not be receiving royalties or any money from these wells. I understand that there are existing wells on this land which are producing oil and gas just outside of Bowie, Tex. Need some help!
I'd urge you to hire a lawyer experienced in oil and gas leasing matters. Your situation is sufficiently complex that you need competent legal advice.
Have a lease on land in a survey adjacent to city of Montage. DOG purchased it recently. Am interested in tracking any progress toward pooling, permitting, drilling, etc.. Have been unable to locate any info on Railroad COMM. page using the survey reference only. Unsure if that means no activity or if other identification is necessary. Perhaps the county is a better source. Would EOG share information or that too much to expect? Thanks for any help anyone can provide.
The RRC website is the best unless you want to pay for a subscription service that will send out email alerts. They are pricey.
When searching by survey, is the map taking you to the section? if so, then it means nothing is happening. RRC website does not show leasing activity.
thank you. What is link to the RRC website?
Mary,
Another link to Drilling Permits:
Clint Liles
thank you. I'm looking for the price and I don't see it.
Mary,
The price of what?
Clint Liles
oops. My fault. I now see that Wade was only talking about the email alerts as being pricey.
Has anyone heard of or know of any information regarding -97.000 Acres - G.W. Gregson Survey, A-1451, Montague County, Texas - Volume 413, Page 77 of deed of records Montague County Texas. This was originally contracted with EOG but is now with Pioneer Natural Resources. Thanks
Are any members of this group participants in the Hildreth Unit and if so what are you hearing about a possible change of operator and/or potential reworking of the well? Thanks
looking for others that are in the R E Stephens