My sister and I just discovered some rights deeded to us by our parents in 1977. It is a very small share in Kay County, Oklahoma. The contact information on the deed has been out of date sine the 1980's.
If there were royalties can I still claim them after this time? How would I research this information and other history of the property? Apparently there are currently some leases but I don't know if any drilling is planned. How would I determine that?
Thanks from a beginner,
John
John, I don't have an OK interest so I'm unsure what info is shown on their site but suspect it is probably a good one. So to at least get you started...
Go the Oklahoma State O&G website (use search engine for the address).
Using your legal description find out if there has been any wells drilled and past production from your property. If nothing has been drilled then there would not be any royalty to claim. End of story on that.
If there has been past production then you'd note who was producing it and attempt to contact them (might not be the same party shown on your old lease).
Or, in most (all?) states an oil company is required to place the unknown owner royalty in "suspense". In other words it is put in an escrow account to be held there until the proper owner is later determined.
Finally, another possibility is that these funds are given to the State as "Unclaimed Property". States may handle these funds differently. Some states hold the funds 'forever', or until claimed. Other States have a time limit on unclaimed funds, after which the State itself claims the property. Don't know what OK does.
The above is all in regard to possible past production. The other question you should resolve is determine if your old lease has expired or is still valid. That is done via carefully reading the terms of the lease and comparing those terms to any activity (or lack thereof).
I suspect this isn't exactly what you hope for in a response yet perhaps it can get you started. Other posters may be able to provide a more specific response. Good Luck with the hunt.
John, do you have a legal description of the location? It would be expressed as section, township and range. If you could post that here I could check a couple of the Oklahoma Corporate Commission databases and also give you instructions on using the sites yourself. Here is the OCC main page if you want to go ahead and take a look. They have a section for unclaimed royalties. http://www.occeweb.com/index.html
John,
If the operator is unable to locate the the party entitled to the funds, then they will typically escheat them to the state. Go here and search for your name, your parents' names and your sister's name. https://www.ok.gov/unclaimed/search.php
It is a starting place to look. Even if there aren't funds there, you may be entitled to other royalties that the company has not escheated.
Claims for unpaid royalties are typically subject to a statute of limitations, which I think is 5 years in Oklahoma.
I see other offers to look, but if you want to give a description, I wouldn't mind looking up what is going in the the area that you own.
Hope this helps,
Brandon Benson
Thanks to all those who offered advice. I visited the state of Oklahoma site and sadly there is no mention of my name. Maybe the future will be better. For those interested, the property is in Kay County. S15 T 27 North range 3 east south 1/2 of SW4.
John
Brandon Benson said:
John,
If the operator is unable to locate the the party entitled to the funds, then they will typically escheat them to the state. Go here and search for your name, your parents' names and your sister's name. https://www.ok.gov/unclaimed/search.php
It is a starting place to look. Even if there aren't funds there, you may be entitled to other royalties that the company has not escheated.
Claims for unpaid royalties are typically subject to a statute of limitations, which I think is 5 years in Oklahoma.
I see other offers to look, but if you want to give a description, I wouldn't mind looking up what is going in the the area that you own.
Hope this helps,
Brandon Benson