Recently Gulfport send a letter to lease holders that they have been going over the leases after 5 years, and found that they need to take out for of royalty payments a production fee.
It seems pretty strange that it took them 5 years to finally read the leases. They said according to the land portion you have in the well deductions would be adjusted.
So I called and they said no royalty check probably for two months or more to they adjust or recap fees. Anyone else received this letter. Has Gulfport just started in business or are they just as puzzled as we are about oil and gas?
I am sure they have to recap cost at some point, and adjust payments, I am glad I got what I got up to this point, but aren't all lease agreements the same. Maybe this money should not be counted as income, since there in no way of estimating how much you will receive. I showed an edumacated fellow who went to college my gas stub statement and he pondered it awhile and said this must be that new math because It don't add up. Don't they understand you have to estimate your income to get Obama care. Oh well, and the price of oil and gas keep going down, oh woe is me.
If anyone is interested here is the psychic hotline number to get your estimate on future royalties. 1-877-272-2865. I called, I know now.
TIME TO GET THE GOVERNMENT TO STOP THE OIL COMPANIES FROM TAXING OUR LAND THE OIL COMPANIES SHOULD BE APPYING FOR ALL THE TAXES ON THE PROPERTY. EVERTHING, THEY ARE THE ONES MAKING 7/8 OF THE PRODUCTION AND THEY ARE TAKING TAXES FROM THE LAMD OWNERS WHAT KIND OF BULLSHIT IS THIS. TIME FOR THE LAND OWNERS TO TELL THE TAX PEOPLE IF THEY WANT TAXES THEN MAKE IT SALES TAXES AND MAKE EVERY ONE PAY FOR SCHOOLS. THIS SCHOOL CRAP HAS GOT OUT OF HAND, 50 MILLION DOLLAR SCHOOLS TO PRODUCE MORONS AND DROP OUTS. FROM THE RENTERS THAT WANT THESE 50 MILLION DOLLAR SCHOOLS.
what do they define a 'production fee' as? When you review your lease, is there a definition?
Ha Ha, sorry to say its whatever they want it to mean. Sorry bout our luck!
I disagree. it has to be defined in the lease, but I appreciate the sarcasm