Replies to This Discussion

Permalink Reply by george m vietze on June 12, 2014 at 2:41am

There will be more questions in the future:Do you agree with the % of the Production Unit you have been assigned?

Are you being asked to sign a Division Order which is a document that the gas company wants

signed so that you agree in writing what that % is that you are being paid royalty on.

Is the amount of production correct on each check issued?

Does the gas company DEDUCT marketing or other expenses from the amount of your check?

That info will be spelled out on the information supplied with each check?

Do not sign anything else the gas companies want, including Division Orders until you consult your attorney.

Along with Royalty income comes the responsibility of managing a major investment.  Use google on the internet to answer any questions you may have but have a good gas and oil experienced attorney on your side.

If you expect to someday leave your property to your children or heirs you might want to

try try to understand the tax consquences of your heirs paying hugh estate taxes.  Spouses do not usually have that problem as the surviving spouse, with certain limits, can receive them without tax consequences.

I am no attorney, and sometimes do not like using attorney, they are so expensive and sometimes not worth what they charge, but other times they are necessary and can save you lots of money.

Gas companies only have one loyalty and that is to make as much money for THEM as they can an you are just another obstacle in their way, it is your obligation to protect yourself.  Sorry, there is a cost to making money from mineral rights but if you are lucky, your checks can come for a very long time.

George

• ▶ Reply

Permalink Reply by kit on June 12, 2014 at 3:53am

Yes. I am thinking of all of that and have spent hours researching. Thatsvwhy i was confused on that mortgage thing because i hadnt studied on yhat yet. As of now we hadnt recieved any division orders but ive read thet sometime take awhile. Im sure were in the unit because the curative title clerk has assured me we are and they have jaf to do some title issue on our deeds. And he said that they only bring in curative title pppl in when their in the unit. So ...yes..alot of stuff ahead of me and my family. I will take one step st a time and i will sssure everthing is done correctly and i will make sure everthings done and prepated for my children and grandchildren. So do you know when we can expect those div orders? Like i said i can only concentrate on one step at a time because great wealth will be a new experience. Thanks for your help because i really cant shell out the 100 to 200 bucks an hour for attorney until the checks start coming in.

• ▶ Reply

Permalink Reply by kit on June 12, 2014 at 3:56am

Sorry for typos...typing on this phone is not easy......and hard to proofread.....

• ▶ Reply

• ‹ Previous
• 1
• 2
• 3
• Next ›
• Page