Oklahoma “Severance taxes” are deducted from everyone’s checks.
Oklahoma “Income taxes” are deducted from non-resident owners.
You would not pay Oklahoma taxes on your federal tax return. You should only pay federal taxes on your federal tax return. You should file a Oklahoma tax return and the money deducted for OK income taxes should be listed. You should then either pay the remaining due or get a refund on the excess. Most owners have a lower rate than what is deducted and get a Oklahoma refund.
Michael Joslyn, The Hatchett 1H-33XR is now the Hatchett 1H-4. Sec. 33 was not drilled per letter I received from Newfield lawyers. The 1H-4 had first production in June 2015.
Diane,
Double check your lease terms against the check stub and make sure about the deductions on the gas. If you said NONE and they took them out, then Fuss, Fuss, Fuss! Sometimes the accounting department does not talk to the Land Department and they automatically take them out. You have to complain to get them back. Be sure and save ~50% out for taxes, just in case for those first four or five checks! Yes, I know it is more than your tax bracket probably is, but give yourself some wiggle room. Pay the Feds and OK, then you might have some left over from the 50%. It can pop you into a new tax category for a while and surprise you. Then after you pay them, you will have a little present for yourself. You can have fun with the other 50%!
Martha is absolutely correct, I got my first check for new Poteet wells. A big chunk came out despite my no deduct clause. Contact revenue dept or DO dept. This happened on the first well and I was reimbursed on the next check. OK tax comes out of the check, 50% might be overkill.
Gas prices even with NGLs are pitifully low.
Does anyone know the status of Davenport Ranch 1-31H that Marathon is drilling in Section 31 T1N R6W? They started drilling in February and it seems like it should be close to completion.
I just received the first one month royalty payment for Oceana…not to look a gift horse in the mouth, but what a disappointment! certainly better than a box of rocks though…
http://www.bloomberg.com/news/articles/2015-07-29/gas-awakening-fro…
Our consumer gas prices may go up a bit, but our royalties may go up as well! I can wear a sweater …
I was looking for information on the Hatchett 1H-33XR. There is no completion report yet. There is a Hatchett 1H-4R on the Gross Production website showing as active but no production listed yet. The OCC website does not have a listing for the 1H-4R. I know they had a problem with the first Hatchett well and had to redo the well. I am wondering if they had problems drilling into Garvin County section 33 and just went to section 4. Has anyone heard anything on this?
So, if the Oklahoma taxes are taken out of the royalty checks, did I overpay because I paid OK also on my federal tax return?
Coming back from a short trip to cool country we passed through highway 29 in the diggings and noticed they have taken down the rig on what I understand is the south edge of Section 15 2n4w at the corner of highway 29 and highway 76. Sorry, can’t remember the name of it as there are so many wells down there that my mind won’t retain all the names. They had the location all cleaned up and tanks set. There were 4 brown (oil tanks) and 2 green (water tanks) also set.
Thanks Hutch, Martha and Rick for the info…valuable informations!
Thanks for update Linda. Those are the Vanarkle wells.
Newfield is blowing up all around HWY 29 and Morrison Rd. All around us on 18 and 19 2n 5w. First with 6 & 7 then 16 & 21, now 8 & 17.
http://imaging.occeweb.com/AP/CaseFiles/030A65B8.pdf
In the Oklahoman today: CR’s Honeycutt No 5-22 15XH well = 177 bbls. per day and 1,824,000 cu. ft gas per day. Also CR’s Honeycutt No 6 = 359 bbls. oil per day, 2,199,000 cu. ft. gas per day, and Honeycutt 7 = 319 bbls. oil per day, 2,318,000 cu. ft. gas per day.
Oklahoman also said “Intent to drill” is “Mack Energy Co. North Alma Penn Unit No. 112R Well; in 9-01S-04W…TD 5,655”
Rig was still up behind the vacated Doyle Store in Section 15 2n4w. Also think there was another rig still up in Section 15 that had pipe in the derrick. Sorry, I was so tired from our travel I didn’t take notes about the rigs up not up.
Your welcome John and thank you for the reminder of what the names of the wells are. I knew they were either the Vanarkles or the Honeycutts but couldn’t remember.
Here’s an interesting article:
http://seekingalpha.com/article/3359585-continentals-cost-advantage…
SEC 11 and 14 TNR4W Kelley wells-- any one have info on DOs ?
ROBERT R
I just got an offer from Prairie Oil and Gas to lease in S6 T1S R4W. It is for $500/nma at 3/16 royalty. Anyone else know of leasing in that section.
Everything but 6 1S-4W. Probably too low on the offer. Latest pooling in 7 was for $1500 3/16, $1050 1/5 $0 1/4. Continental just had a pooling dismissed for 6 in April 2015. Continental just had a pooling hearing in section 31 on July 27, 2015. Wait and see what that one posts to see what you should get in 6.