Replies to This Discussion

Permalink Reply by JK on December 30, 2011 at 3:47am

I suggest you call DEP and get the map of this well and you will see the drill plan with the drill line thru your property.  If you have the API number of the well then you will be able to know more.  The API numbers are also listed on the map DEP sends to you.  Your name will also be on the map as owner of the property.

Permalink Reply by chris crowell on December 30, 2011 at 7:29pm

What is dep and how do I get their number

Permalink Reply by Paul Martinelli on December 30, 2011 at 3:55am

the well could be over a mile away.

The drilling unit map, as stated below, will show all acres in the drilling unit.....they all share in the royalties.

Permalink Reply by 0i7okn54zwbdo on December 30, 2011 at 12:44pm

If you're included in the unit you'll be given a division order that shows how much of your land is in the unit and what percent of the royalty that you're entitled to.

Permalink Reply by maria armes on December 31, 2011 at 1:23am

I just filed my taxes on the lump sum and found out that you need to file by Jan 17, 2012 or you will be fined for not filing on time.  I thought that becuase I was a working taxpayer that I was okay but it does not apply to the lump sum, that needs to filed quarterly.  It may be estimated.  I just thought I would share this with everyone as Uncle Sam is getting enough, maybe I can help you save a bit of it.  Contact your tax person, better safe than sorry.  Let me know if anyone wants to have a sob-fest, after you find out how much they take.  I am so grateful I sat on the cash until I padi the taxes.......OUCH

Permalink Reply by Paul Martinelli on December 31, 2011 at 3:52am

60% of the lump sum is better than no lump sum :(

Permalink Reply by maria armes on December 31, 2011 at 4:42am

Oh I am not complaining Paul, but it still is an ouch!

 

Permalink Reply by Paul Martinelli on December 31, 2011 at 5:10am

i know...it is a big bite out of the check.....someday I hope to feel that pain!

Thanks for the tax tip....I'm sure most folks getting lump sum bonus  checks are not aware of this....as that most likely have not had to deal with large incomes.....most probably barely able to get buy and keep their land.....Justice is now being served and they are getting their just reward!

By sob-fest.....you mean crying in your beer celebrating the good fortune I hope!!!!

Permalink Reply by maria armes on January 1, 2012 at 1:09am

Yes crying in my tea, really tears of joy and very grateful.  I hope everyone can breathe a little easier this year. 

 

Permalink Reply by 0i7okn54zwbdo on January 2, 2012 at 5:17pm

It's worse for people who file as independent contractors and pay quarterly. Next December they'll have to pay 110% of what they paid last year. If they received a bonus check in 2011 they'll have to pony up at the end of 2012 based on last years income, even though a bonus is a one time payment. That money will be returned to them (assuming their income goes back to pre-bonus levels) but they'll be out thousands of dollars for a few months.