The day I have been waiting for: 60% deductions withheld!

I knew it was coming,deductions finally exceeded royalty payment. XTO withheld 61 percent

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Permalink Reply by LewPa on June 26, 2015 at 7:54pm

Dave,

Give us some more details, location? how many acres do you have? price they're paying for gas? other deductions? How old is the well and what was it like before the price of gas died?  Thank you for your time, LewPa 

Permalink Reply by Dave Miller on June 27, 2015 at 6:11pm
LewPa, Sorry about the slow reply but I'm on vacation. I'm in Forward Twp.,Butler County,Pa. 38 acres,price is 1.59 XTO lease. Wells went into production Oct. 2013. I looked at the statement again today and there are additions and subtractions from Sept. And Oct. 2014. Unbelievable! I fully expect to be mailing them a check next month. Dave
Permalink Reply by GM on June 27, 2015 at 7:22pm

Hello Dave, what unit are you in?

Permalink Reply by Dave Miller on June 27, 2015 at 8:04pm
GM,Marburger Unit 1&2 located at the dairy. Dave
Permalink Reply by GM on June 27, 2015 at 8:47pm

OK. I'm in the Gill unit and was curious if other units are following suit. My deductions are also at 61%
Thanks for the reply.

Permalink Reply by colt on June 27, 2015 at 11:33pm
Dave what is ur royalty % ?
Permalink Reply by Dave Miller on June 28, 2015 at 6:12am
Colt, 12 1/2 It's an old Phillips lease. Dave
Permalink Reply by LewPa on June 28, 2015 at 2:38pm

Dave,

Rex (Markwest)  paid $1.75 for April gas at the Stebbins well, which is behind Gumto Greenhouses on Meridian Rd. Penn Twp. Sounds a little odd they would still be adjusting prices from 2014 yet, you would think they would have caught that long ago. Did you ever do anything legal wise that we talked about back in March on the Butler Co thread? Try to maintain and enjoy your vacation!   LewPa

Permalink Reply by Dave Miller on June 28, 2015 at 9:30pm
LewPa, I can't sit down and compare the statements yet. I know the Attorney Generals investigation is winding down. Maybe they will have good news for all of us. Friend of mine is using an attorney that is going to work for a percentage. If that works out I'll probably do the same. Thanks for the encouragement, Dave
Permalink Reply by Dennis Sweeney on July 10, 2015 at 9:27pm

Dave

        I am in eastern Westmoreland county, also have an old Phillips production lease, with NO post production  costs specified.  I have a lawyer who would like to sue XTO.  How many in our situation? Three in our unit.

Permalink Reply by Dave Miller on July 11, 2015 at 12:41pm
Dennis,I don't know how many there are but there has to be quite a few. I think all the Phillips leases were the same except for the different addendum s. The payment clause says at the end, less taxes. No mention of processing or transportation.My attorney has tried to get clarification but no response.When the Attorney General makes a ruling on these complaints maybe we will know where we stand.If you have time Dennis,check the Butler County thread.There are some very knowledgeable people on there. Dave
Permalink Reply by Dave Miller on July 15, 2015 at 5:01pm
Dennis, There is an article in today's paper you may find interesting.Butler Eagle, Butler County,Pa. Potential class action lawsuit. Dave

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