Not every case involves mineral interests. Here is a handy cheat sheet for those that do:
- Written documentation of the legal description is necessary for each mineral interest (i.e., leases, deeds, wills, division orders).
- Copies are usually obtainable from the county clerk or online at OKCountyRecords.com.
- A 1099 generally does not include a legal description.
- Resource valuation is based on royalty production. So, even when there is no 1099 issued, if royalties were produced, we need to know the amount.
- Royalty owners’ accounts can go into “suspense” if they fail to cash their checks, meaning the oil/gas company might stop sending the royalty checks.
- For example, if someone moves, checks may be marked “do not forward” preventing them from being delivered, even if a change of address has been filed with the postal service. A change of address is generally required to be submitted directly to the oil/gas company.
- Recently, we discovered two of our clients had thousands of dollars in suspense that we were able to help them get.
- Not all oil/gas companies volunteer exactly why a 1099 was not issued, why an account is in suspense, or how much is being held in suspense, if not asked in specific terms.
- Requests for information from oil/gas companies can be made via email, often with quick response. Refer to article LTC: Letter to Oil / Gas Company (Mineral Rights)
- Communication with oil/gas companies should be done in writing via email. If email is not available, fax may be used with confirmation of receipt upon sending.
- For email addresses, please check the following:
- Quest Oil Company Contact List;
- Google search.
- For email addresses, please check the following:
- Oil/gas companies are required to respond to owner inquiries, but they deal with thousands (or more) royalty owners. Sometimes it takes time, but almost always, a response should be obtainable.
- Additional time may be necessary where there is a delayed response from an oil or gas company.
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