Anybody out there with experience in receiving statutory interest from past royalty payout with an operator? I’m aware of the statute 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 and 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 and 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 and gas lawyer might add some professional insight also.
Thanks for any guidance on this matter.