We recently found out we are heirs to a mineral interest, engaged with the oil company and completed the required proof of heirship, and just signed Division Orders on wells that have been producing for 11 years. The oil company has not provided any details of the amount of funds pending to be paid out to us, so we have no idea what is coming when it does come. Not a clue of this and asking for details has produced no answers.
My question is about how much interest is being accumulated on these funds that have been sitting earning interest for so many years. I have read several different answers and it ranges from 2% on top of Federal Reserve Depository rates to 12%. I do not know what applies here.
You need to send a certified letter return receipt requesting the interest. The interest is statutory and is particular to state laws. If the title was clouded, there may be a time limit on what you can collect. One of the Texas professionals can probably quote the Texas statute. Texas is not 12% from what I remember. Oklahoma is 12% if the title is clear.
Thank you. I can do that. So far, I can find no evidence of a clouded title, or anything resembling that issue.
I live in SE Oklahoma and recently found a website showing the advanced explorations for my area and it appears that my property is close to the mapped areas.