There may be a time frame, but that is unknown by myself.You can be sure that a title search was done, and why you will need to pay someone to do one for you is just how things go. Its doubtful that the producer will give you that information.
Likewise,if title cure and probate is asked of you before royalty is paid up, until you prove that it was done, they may be able to avoid paying the paltry interest that would accrue.
Actually they do keep funds on hold for several years before they turn them over to the state, when they can't find someone. Since they have found you they don't have to turn them over to the state at all and will hold on to them as long as they can. Every dollar of a mineral owner that they don't pay out is a dollar they don't have to borrow and pay interest on. Yes, fair sized oil companies do alot of borrowing, I run across their mortgages on leased but unexploited mineral acres all the time in recorded documents.
SR said:
Is there a time frame from when we were notified that we were the heirs to these mineral rights before we start proceeding? I am assuming that they just not keep putting these funds 'on-hold' indefinitely.
There is information somewhere as to what net mineral acres all the heirs have, so try getting that from the producer,or a land man like Ivan Stalick can do the same title search they did, and then all heirs can get together on the probate, and remember, you never really know your kin until there is an inheritance involved.
You can scroll through those listed documents, to see if you recognize any of the names.
If you see names you recognize and want to see the document, you could subscribe to NDRIN for $25 per month. This would not tell you the % of what each mineral owner holds.
We are learning more and more every day. How do they figure the amount of oil that is pumped from your acres but the well is not on your acres, but the horizontal legs are?
The state has declared that all acres in the spacing are created equal in regards to the extended long lateral wells and no matter where your acres may be located, they receive the same royalty as if they were directly under the well or in the path of the wellbore. Everybody gets the same amount per acre even when it's extremely unlikely that their acres have produced anything yet. This is massively to the operators favor because he gets to hold non-producing acres by production and pay the owners of those acres with what could be your money. I am on both sides of the equation and I don't like it.
Oh, and the mineral owner who isn't being drained, before you think he is getting ahead, he loses also because he doesn't get to lease anymore, no more bonuses, no more appreciation in lease value. The swindle of the decade.
SR said:
We are learning more and more every day. How do they figure the amount of oil that is pumped from your acres but the well is not on your acres, but the horizontal legs are?