Problems with Silver Creek Oil and Gas in lag time for bonus....lease in NM was signed two months ago and I thought the operator only had 45 days to deliver the bonus. Has anyone had other experiences with Silver Creek? They use one main phone number to Gainesville, TX or some suburb of Dallas and never get live person nor return phone call. Can't seem to figure out how this company operates. You would think they would have separate numbers for D.O.'s and/or leases for royalty owners but apparently not. Any suggestions on how to get them to move faster?
Sheri: You might want to follow up via the County Clerk's office where the lease is l ocated to insure that someone connected to this matter has not recorded your lease with no intention to pay the bonus. If you signed, notarized, etc. the paperwork, they could simply record the document with the CC office without honoring the bonus. Hopefully, they are behind running titles but might be wise to follow up on this matter. Good luck.
Thank you for your comments. I will pursue the situation with the Lea Cty Clerk's Office. The broker out of OKC made a big deal that it was such a high bonus per acre but no check. I have had other problems with Silver Creek.
charles s mallory said:
Sheri: You might want to follow up via the County Clerk's office where the lease is l ocated to insure that someone connected to this matter has not recorded your lease with no intention to pay the bonus. If you signed, notarized, etc. the paperwork, they could simply record the document with the CC office without honoring the bonus. Hopefully, they are behind running titles but might be wise to follow up on this matter. Good luck.
If it was 45 working days, I think it works out close to 3 months.
I have dealt with Silver Creek when I purchased mineral rights where they had a well. They lost my paperwork after placing the account in suspense, then they were not honest and said they never received anything even though I had verification and it was obvious they must have received the documents as they placed the account in suspense. Then they refused to follow Oklahoma law on interest on unpaid royalties which they denied such law exist. One lady within the company told me another is very unfriendly and that she will not call back royalty owners unless she feels like it and warned it may take months even if she decides to call you so there are issues within the company for one to say that over the phone to a stranger. I dealt with 3 people within the company so it was more than an issue with one individual, it seemed more of a company policy.
You need to read your paperwork they gave you. If they gave you a draft it will be written on the draft how many days and those days are working days not calender days. The number of days can be a negotiated number or they can put whatever number they want like 120 days. 45 is probably more the norm but have had companies try 90 days.
Silver Creek pays royalties on atleAst one Ok property of mine. Going to review royalty payments now. Send a statutory interest demand letter certified return receipt allowing 30 days to remit. Forget phone calls with this situation.
My attorney sent them a demand letter by certified mail, they ignored it. That's how they do business.
Anyone having issues or concerns with Silver Creek please feel free to email me at trey@unitedlandcompany.com.
We are the broker for their Oklahoma assets and sometimes I can get your questions and concerns addressed quickly. I'm just here to help so let me know, I'll do my best.