My husbands great grandparents left him and 45 cousins minerals in Belmont County. We are suppose to be receiving money from the oil rights by Oct. 19. I hope it goes through. It is with Gulf oil and we have signed the papers about 3 months ago. Bonnie
I live in Utah and my attorney said he doesn't know anything about oil and gas. But I do have a niece and her husband that do sell land and houses. I am sure they will look over my Division Order and lease. Then I do have a good financial advisor too, and he has bought land and such. How long after you signed your Division Order did they send you money? Thanks for your help. Bonnie
Again just because someone has bought and sold houses does not mean that they know about Oil and Gas leases and Division Orders. I urge you to contact someone who does. You can even google it. There are companies that do this all the time including audits for Oil and Gas owners who think they are being cheated by the company. But again you own such a small amount of acreage maybe you feel it is not worth paying for it all to be verified. That of course is your decision. Usually after you sign a division order you get your first royalty check in about 6 months however your case is different. The well has been producing for some time and they just now found you to pay what they owe in back royalty payments so I would think you would get it within a few weeks. The person in the land office you have been working with should be able to tell you. If not don't be afraid to call Gulfport directly. Most companies have a Owner Liaison office to help you with questions.
I was A Real Estate Agent in ohio for 5 years and an Oilman for over 50. Most RE people Know nothing about Minerals, even if they sell farms. Again you must get the breakdown of the Mineral Rights you inherited. You would not believe how many times I had to chase down an Estate Attorney to get proper convenience for the minerals under one of my wells. Usually I could only get it after showing the Attorney what the Estate owned By the way I usually made an offer to buy the interest so I may have gained too. Any money spent straightening out the interest is tax deductible and Should or could be split among the Heirs as they are probably as confused as you. The Auditing Company is a good idear ( better than a attorney) as they may think of you as a future client and good word of mouth advertizing.
Hi Raymond, Thank you for the help. How do I get a Auding Co. in Ohio when I am in Utah. How do they get paid? The other 46 heirs are very greedy and I they would never help out with the interest. When we first all got letters about the mineral rights I was the only one that would find a lawyer to help us. It is a long story but the lawyer couldn't help us. But then a clause was found in the contract that stated 100 acres would always stay with the heirs. that is why we now are getting some mineral money. So would a Auditing Company be willing to work with me with only 1.3888 acres that is mine? Bonnie
I been following this UTICA/Marcellus play for too long.....
And with 1.3888 acres...i would venture to say in the long run you will be better off if you just take the $ the pay you and be satisfied.
I base that on the fact that I suspect paying lawyers/Auditors....etc would cost more than the gains.
Sorry.....but that is my $.02 on this issue..which may not too far from what you may end up getting
Hi Tusc-county man, I really appreciate your opinion, as this is all new to me and so I really don't know what to do. Especially in a case like this where I am not sure rather to get a lawyer to help me or not. I still haven't got the Division Order yet. Does it usually take a while to get it? Bonnie