What happens if you are pooled but cannot agree on terms in a lease? Who handles the royalty terms and conditions? Who gets the IRS form?
If you cannot agree to terms on a lease, then you can wait for the forced pooling which is a corporation commission guided substitute for a lease. The terms are clearly laid out in the pooling order and you have to only choose the royalty/bonus pair that you want from the choices offered. (Those choices are supposed to be the best offers from the operator within the section of interest.) Most of us would choose the highest royalty option. You only have 20 calendar days from the date of the order to mail back your response to the address listed in the order. The W-9 goes to the address listed in the order-usually the operator or their designated attorney.
0_The Pooling Process in Oklahoma.pdf (340.4 KB)