Hi all,
I have a beef with our oil company with which we have 13 active wells. Each month our moneys should be going up due to increase in oil prices that month. We always get our checks for 2 months earlier, so our last check was for November 2016 when the average price of oil was close to 48.00. We got 41.00; I sent a message to our landman regarding the discrepancy and was told they get what their contacts sell at minus other expenses. That seems quite unfair as the production on these wells have increased and our October check was at 46.32 per barrel. Anyone else have this problem or is this standard and I am just naïve. Thanks; appreciate this forum to vent!
Pat Maloney
My November check 2016 was based on $43.26 per barrel...
to add to this...my November check was from October production.
September production (your November check) I got $37.18 a barrel
So your oil company is better than mine....(I think mine sells to itself, at what appears to be a bit of a discount)....could also be a result of hedging or purchase contracts......
Since your numbers are better than mine, I'm going to say you don't have a problem...or at least it is less than mine if I have one.
In my last 10 years of oil rights payments, most oil is sold about $10 back of WTI because it must be hauled too far, both by truck and rail as Obama stopped the pipeline that would have recovered approximately $5 a bbl of that money, so we need $60 WTI to really make any serious money!!
I use the "Oil Patch Hotline" site and on the right is spot pricing for the different types of oil. I would think most of us have "Light Sweet" in North Dakota.... and today the spot price is $40 Obama has nothing to do with our price of oil being lower than Brent or WTI............transportation cost is just one of the deductions from your net.
Sorry; you are wrong; if we had the Pipeline coming down from Canada it WOULD save about $5 a bbl; it has been widely published! Too late for that now.
Hello! Existing on socializedinsecurity , I am hoping there is an agency that will go to bat for an age 83 Montana oldtimer who was taken advantage of by an ignorant ND lawyer, who deceived the ND judge into believing that a 'Power of Attorney made' and thus nonexistent and illegal 2003 'trust' could usurp the minerals owned by the valid 1998 Trust that I was the named Successor in. Our 4th named successor sister living in Laos was hornswoggled by a landman for Cody oil and gas[who found her on the non existent in law Utah 2003 trust'] to put her never notarized name on the so called '2006 lease' of our 384.01 acres she didn't know anything about [believing that she acted with '2003 Utah trust authority', and never consulted with her 3 older brothers, but had the $76,803 lease bonus sent to 4th named Successor brother Jim for distribution] that she had already used unlawfully in 2003 to convey our Mother's Utah house to brother Jim that our Mom had already deeded to him in 1998, but he had not recorded that deed, while receiving rents in all those years,to avoid the demand for immediate payoff of the mortgage as the 'new owner'. My sister used Mom's SS money to finish off her own house while taking care of Mom until she died in 2005. So anyone can see what a fouled up MESS this is! My ND judge made Utah trustee' sister died unexpectedly the same day and place that our brother died in Utah in July 2016, leaving only myself as oldest [and ROBBED], and our adopted brother Jim, who is sole named living 'trustee' in the 'POA made [invalid in Utah] 2003 Utah trust, and thus far has declined to start fixing the MESS caused by Minot lawyer Maxson. Please refer this rundown to anyone able to help me regain what was stolen. Larry - text to 406 748 6680, a google voice number that I haven't figured out calling and receiving calls on yet. larrywagenman@yahoo.com