History in OH on Utica wells results in Chesapeake being taken over by Encino.
A backdoor investor has now come onto the scene - Riverbend Energy & Gas.
Riverbend mailed letters end of Nov/early December providing extremely confusing information, saying they will be issuing checks representing 25% of our monthly royalties; Encino will disburse the other 75% of the revenue.
QUESTION: has anyone else received a Riverbend letter? Riverbend stated owners could view check info on the EnergyLink site that hundred of companies use/post revenue on but there's no data/check copies for Riverbend. They were to begin issuing hard copy revenue checks in December...nothing so far.
I've researched background, spoken with Encino, and also Riverbend so partial transition/acquisition is clear to me; just wondered if anyone else is impacted and what your findings are....
If anyone has additional details, please share.
We haven't received a letter but I did a property search on the Harrison County website. Found a 400+ page document recorded 10/1/2021.
First couple paragraphs:
This Assignment, Bill of Sale, and Conveyance (this "Assignment") is made to be effective as
of 12:01 a.m., Eastern Time, on January 1, 2021 (the "Effective Time"), by and among
TOT ALENERGIES E&P USA, INC., a Delaware corporation (f/k/a Total E&P USA, Inc.) ("TEP
USA"), TOTALENERGIES GAS & POWER NORTH AMERICA, INC., a Delaware corporation
(f/k/a Total Gas & Power North America, Inc.) ("TGPNA" and together with TEP USA, each, an
"Assignor" and, collectively, the "Assignors") whose address is 1201 Louisiana Street, Houston TX,
77002, and RIVERBEND OIL & GAS VI-B, L.L.c., a Delaware limited liability company
("Assignee") whose address is 1200 Smith Street, Suite 1950, Houston, TX 77002. Assignors and
Assignee are sometimes referred to herein individually as a "~" and collectively as the "Parties."
Capitalized terms used but not defined herein shall have the respective meanings set forth in
the Purchase and Sale Agreement (the "Purchase Agreement"), dated as of September 16, 2021,
by and among Assignors and Assignee.
Section 1.1 (a)
(i) All oil, gas and mineral leases, subleases and other leaseholds to the
extent located in the State of Ohio, excluding the area outlined in green on the map
attached hereto as Exhibit A-4
Thank you for the additional information.
I am trying to give impacted revenue recipients a heads up here. I spoke with one landowner and he never received a Riverbend letter so I assume others haven't either. Impacted owners currently receiving royalties from Encino will receive 75% of monthly amount from Encino but Riverbend will be sending the remaining 25%. Riverbend does NOT do direct deposit so hard check(s) will be sent. I'm concerned if impacted folks didn't receive a Riverbend letter telling them this, they won't know why they received a hard check from that company.
Also, Riverbend was supposed to begin issuing the 25% portion in December - didn't happen. The transition/onboarding of landowner data from Encino to Riverbend ran into technical issues and is still underway.
Revenue recipients under Encino retain their Encino Owner number; Riverbend has issued new Owner numbers for their portion of revenue...wanted to post all this in case folks start to receive "Riverbend" mail/checks and don't know why...
Thanks for the heads up. Hopefully they will send notices. Not excited about Riverbend not having the direct deposit option.