My grandma died in 98. We have not been paid since then. I recently found the CPA the oil company uses, talked to them, said we had money coming to us, filed affidavit of heirship, then called them back. They said the oil company sold the lease.
New company sent us a new lease to sign saying old company had things in a mess. They just want to straighten things out, but nobody has money that is owed to us. New company says old company has it. Old company says they are paid up to date on everybody they owe royalties to. Asked new company to change new lease to formation producing to hold lease, not on HBP for whole lease. They said they could still use old lease, so why sign new lease? But according to RRC records, well was shut in from 98 to 2000.
So to me, old company sold a lease they didn’t own because old lease states they have 90 days or lease is void. Think new company is trying to cover their butt because they know there is no lease. Just asking what y’all think I should do.
If the well was shut in since 98, there may not have been any production to pay on. But if there was, it sounds like the old company should be holding your money or should have sent it to the state unclaimed funds (if they do that there). Question is, will the money they supposedly have be enough to pay you and the lawyer you may need to get anything? Isn’t there a site that you can search production records for that well(s)? As well as see who the operator was for the time period in question? I sure wouldn’t sign any lease until I knew what has been going on.
The well is in Texas. Old company says they don’t owe anything but their CPA said the money was there.
But since they sold company, they don’t handle it anymore. Old company was mom and pop company.
There was no production for 2 years then production from then on. Money was not turned over to state, company kept money and blaming other sibling might have money.
Stacy, do you have the legal description for where this property is located?
You need a real good lawyer.
Stacy-
Very suspicious situation. Is the lease in one of the shale plays? It may explain all the maneuvering.