Recently identified a well that has been producing for over 30 years. The minerals were acquired post marriage, lease was entered into by husband “et ux” with wife. Several years later, husband conveyed the royalty to a revocable trust for the benefit of an employee. The trust was later revoked. In the mean time the well appears to have produced significant amounts of both oil and gas. In or around 2001, the operator appears to have gone bankrupt and a new operator stepped in. This operator is holding suspense of approximately 5% but other 95% is unaccounted for.
I have been told that the operator is required to segregate royalty funds. Is it possible that these funds are being held somewhere and how would i go about tracking them down? The operators do not appear to have remitted them to the state as abandoned property. I have contacted the purchasing agent who is the same agent used by the prior operator but u believe that there were other operators even before this.
Thanks to anyone who might share an approach to further recovery.