Hey SBC, You think you're a multi-tasker, huh? Well, I WROTE it while doing all those things! lol Glad you're are enjoying the board, Palermo! Rufus
On Oct 3, 8:48 pm, "Rufus O'Malley" <[EMAIL PROTECTED]> wrote: > Hi Palermo and welcome to the board. > Congrats to you and your family on the well, btw. I understand exactly > where you are at as my mother is in her mid-80's also. > As David mentioned above, the timeline can vary abit. If my > understanding is correct after the well is producing for 5-6-7 months, > then the NDIC commission will have the final pooling hearing - that > is, a hearing to finalize exactly what area in the drilling unit > comprises all of the royalty owners in the unit. Then the oil > companies go through another round of title checking on those royalty > owners and doublechecking the facts and figures of mineral ownership > royalty percentages. Once the oil company is satisfied (and this > phase can also be delayed if there are questionable holdings, or if > mineral owners are still be tracked down, or for any one of a dozen > other reasons), then the Division Orders go out the each mineral owner > or mineral trust trustee for signature. No checks are cut until the > mineral owner agrees that the division order is acceptable, signs it > and returns it to the company. > To my knowledge, you can put the minerals in a trust at any time, and > then apprise the lease-holding company of the change in mineral status > -- it is my understanding that it does not affect the lease... but DO > check with your legal council, please. > For addtl info, i suggest cruising backward through this blog's > topics, (seriously) stopping along the way to read threads that have > tons of info in them ... > another informative site iswww.americanroyaltycouncil.com (although > it is targeted to OK and Tx -- still good info) and also National > Assoc of Royalty Owners website - that does require a > subscription... > If you post your well name or the section-township-range, some of the > folks here 'hear things' or 'know things' or can 'look up things' in > resources not on the web or by subcription to the trades ... I don't > personally subscribe to any at this time ... > and Don't apologise for 'wordiness' -- I think I have the 'verbose > turkey' award on my mantle! > all the best, > Rufus > > On Oct 3, 6:52 pm, David <[EMAIL PROTECTED]> wrote: > > > > > Generally figure 5-6 months between when the well first goes into > > production and the first royalty payment. The first royalty payment > > will be for the first 2-3 months of production. > > > Watch for the pooling interest hearing for your well on the dmr > > dockets sitehttps://www.dmr.nd.gov/oilgas/docketindex.asp > > > The royalty payments generally show up in your mailbox 2-3 months > > after the hearing date > > > On Oct 3, 4:07 pm, Palermo <[EMAIL PROTECTED]> wrote: > > > > Hi, > > > First many thanks for you taking the time to discuss issues and > > > sharing with the helping newbie's. > > > > Some background: > > > Our family own a farm several miles south of Palermo (homesteaded by > > > my grand father, purchased by my parents n the 40's) I take care of > > > it for my lmother who is late 80's. We own all the minerals which are > > > leased it. It was drilled in July, frac'd in Aug. and seems to be in > > > final the completing stages. The tanks are in place, rod pump > > > pumping, elec panel in place, flaring gas, trucks going in and out, I > > > know many are hauling salt water along with the oil. I see that it > > > comes off the confidential list the end of Dec.. I've been watch this > > > area on the ND state subscription web site trying to learn all I can, > > > and naturally excited for the region (I live out of state, but return > > > as often as I can 2-3 times per year minimum) except for the roads (I > > > feel the oil company's perhaps might help out a little with the > > > damage, but that is just MHO) this area deserves this, and I trust it > > > will help the area. > > > > My question is we've heard nothing, we do know there is oil, but it > > > could be 100 Bbls/day to 500, just have no clue, we do not have any > > > idea about the IP or a clue about the process going forward. I do > > > read this blog daily, I assume at some point there will be a division > > > order required singing. > > > > May I intrude upon you to explain the process going forward we might > > > expect? As you might expect my mother is anxious about things. Most > > > all her friends are also in her age group and they do not either > > > understand or simply get things wrong. Her only scource is the > > > "Promoter" ( I love the color in the last issue), and what ever I can > > > find on the ND web site. > > > > From friends we were told after the Frac process there was a little > > > sand issue, they think now has been fixed, other than that we know > > > nothing and do nor know what to expect. > > > > Sorry for the wordy thread, but I know do details matter. > > > > Questions: > > > When and what should happen going forward, naturally her interest at > > > her age is the expected date for royalty payments to start as these > > > would really help her life. > > > > If this ends up a meaningful producer at what point should the > > > minerals be moved into a trust or an LLC? I know there will be a very > > > complete title exam and was told not to do anything till at least an > > > IP# was announced, better the first royalty payment. > > > > I know many of you good people have been through this process, if you > > > could share some of the timeline, and what to expect I'd appreciate > > > it. > > > > Again thanks for all your great group work.- Hide quoted text - > > > - Show quoted text -- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Bakken Shale Discussion" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/bakken-shale-discussion?hl=en -~----------~----~----~----~------~----~------~--~---
