I sold my mineral rights to a company in Oklahoma. I received a letter from them asking me to sign a letter they typed up that will go to the Oklahoma State Treasurer. The company states that the State Treasurer is holding funds for (name of company). Regardless of the amount, I claim no interest in such suspense funds and I request that you pay those funds immediately to (name of company). Further, I do not wish to be involved in any litigation with the State of Oklahoma or (name of company) over these funds.
The second letter they typed up and want me to sign, is to them. It states that the mineral interest which I sold them was subject to a pooling order and unpaid production proceeds. I acknowlege receipt from (name of company) of the sum of $1,200.00 and in consideration of that sum do hereby ratify and confirm all of the terms and provisions of those deeds and disclaim to (name of company) all interest in the mineral rights conveyed and the proceeds therefrom.
The letter they sent to me states that there may be unpaid productions funds from the minteral interest subject to a Pooling Order. They state they are entitled to those funds but are required to furnish me notice. They want to propose that I sign the two above letters because they believe that they will expedite this claim. In return they will remit to me 25% for the funds they think they will receive from the state of Oklahoma that accrued prior to my selling them the mineral rights. They state they don't know how much money is being held, but will pay me $1,250.00. They state that they belive that the funds that are being held are in excess of $5,000.00.
I don't understand!!!! What is this? How can that company claim that this money being held rightfully belongs to them since it's from before I sold them the rights? WHAT DO I DO????
Wanda,
I know of an individual that dealt with the same issue with Enerlex, they hired an attorney and the court awarded them everything, the money and mineral rights were returned, the had in excess of $20k in unclaimed funds. If you don't want to hire an attorney at least file a claim with the state of Oklahoma to get the funds released to you. I purchase minerals rights also in Oklahoma and I recently came across the same situation where I found funds being held, I contacted the individual who sold me the minerals and I am helping them so they can receive the funds.
Here is a PDF of the unclaimed property inquiry form
http://www.ok.gov/treasurer/documents/UP%20Inquiry%20Form%20121610.pdf
Tim,
Thank you so much! I printed the form you sent me, but I've looked for the unclaimed property online, and can't find it listed under my name or my fathers. Is that because I sold the rights about a year ago? I'm really wondering about this Enerlex company. I have information listed on Oklahoma Public Land Records showing I sold the rights to Enerlex. This has the legal description of the land and it lists my name on it, is that the information I put on the Unclaimed Property Inquiry Form? Would I put my name on the form or Enerlex's since I sold it to them? I am in Arizona and my Father & Mother passed away, so I'm somewhat lost. Any direction you could give me would be so appreciated :-) I don't have any money after taking care of services, etc., so going to an Attorney isn't much of an option for me..........ya know? Once again, thank you so much for the help you've given me already.
Wanda
Tim Metz said:
Wanda,
I know of an individual that dealt with the same issue with Enerlex, they hired an attorney and the court awarded them everything, the money and mineral rights were returned, the had in excess of $20k in unclaimed funds. If you don't want to hire an attorney at least file a claim with the state of Oklahoma to get the funds released to you. I purchase minerals rights also in Oklahoma and I recently came across the same situation where I found funds being held, I contacted the individual who sold me the minerals and I am helping them so they can receive the funds.
Here is a PDF of the unclaimed property inquiry form
http://www.ok.gov/treasurer/documents/UP%20Inquiry%20Form%20121610.pdf
There are other places to search, were they in your fathers name at the county records if so what was his name? If you let me know I will look it up and let you know what I find.
I can send you the court records from when they were sued last time which will help a lot as I am certain some attorney's will take it on contingency basis. Your minerals probably were worth many time what you were paid, did they solicit you to purchase or did you find and contact them first? Did you know how many mineral acres you owned or did they just pay a given amount not based on net acres? Chesapeake drilled a new (nice) well there in 2004 and there are 3 other shallow producing wells.
Wanda, your instincts are correct.
Let Tim know your father's and mother's name, because the suspense funds are in their name.
Wanda, I think your father's name was Ollie. Is that correct?
If it is, I can tell you how much is in suspense.