Anybody out there with experience in receiving statutory interest from past royalty pay-out with an operator? I'm aware of the statue in Oklahoma, that is not the question at hand. My question is very specific regarding what a current operator is obligated to pay out in compound interest calculation. For example: Current operator paid 12% interest (which is correct %) on back pay upon asking for it but was only paid that interest from when they became the operator.
Example: Funds were dispersed to them for operation production years 2004-2008. Why the operator before the current operator didn't escheat the funds I do not know. New operator in 2008 comes on board in late 2008 & has those funds handed over to them. Mineral owner asks for statutory interest after learning this stuff from this great forum. Oh I should mention that I found these funds & operator in early 2013. They paid me all the back pay in 2013. Asked for the interest late last year.
I've received the check with a great detailed report. The current operator paid me the interest from when they became the operator. So again a question here remains how do I go about trying to receive any statutory interest for the other years.
Any insight on this will be greatly appreciated. Perhaps an oil & gas lawyer might add some professional insight also.
Thanks for any guidance on this matter.