Kay Maas said: My first sales were 08/9/2013 and 08/21/2013. Seems like a long time to me. I haven’t had this kind of delay in the past dealing with other oil companies. Just saying. Thanks for the feedback.
I kind of figured as much. I’m also receiving royalty payments on another well in the same area, so I know there isn’t a title conflict with these rights.
EPL said:
After the first oil sales, ND law states that royalties are to be paid to interest owners within 150 days or an 18% APR is to be added. This law only applies if there are no title discrepancies or title conflicts.
The oil companies are actually taking advantage of this law to bide them extra time by actually claiming and creating minor title conflicts and also because they know that 99.9% of mineral owners will not legally challenge the Oil Company league of attorneys for such a small payout. The oil companies are always waiting these days for about 180 days prior to royalty payments. They then send you a one time large check for about 5 months and then they always continue to pay the interest owners at least 1 month behind. Just have to wait is the best answer.