In this episode, we finish up with Part Two of our 2020 Listener Questions by answering questions that were submitted by Jonna, Kevin, Marla, and Sean. If you haven’t listened to Part One yet, be sure to go back and listen to Episode 80 as well.
Thanks again to everyone who left a review or who submitted a question! If you have a question about your minerals or royalties, you can send it to feedback@mineralrightspodcast.com and who knows we might just answer it on the air.
This feedback really helps keep us going and helps make sure that we are putting out content that is tailored to your needs. So if this has been helpful, please take a moment and leave us an honest rating & review on Apple Podcasts.
Listener Questions
What Should I do if I Find Mistakes with My Royalty Checks and How do I Correct Them?
I inherited mineral interests from my paternal 2nd great grandmother, a civil war widow, in Dimmit Co, Tx. Interest in Eagle Ford began in 2012 and royalties began in 2014 & are paid by Chesapeake, who has filed Chapter 11 bankruptcy. I’m so glad I found your site because I need sources of information to double check appraised values, production, royalties paid, as well as to know what rights royalty owners have in chapter 11 and what paperwork I need to file, etc.
Jonna
My #1 challenge is finding mistakes and getting them corrected – example: this year we received a “correction” of $12K of back- royalties from 2014 forward. They wouldn’t/couldn’t/didn’t give me any explanation. What if that had not been caught by them? How much had they underpaid in total to all the royalty owners ? Was it on purpose? Do they also owe interest or penalties for not paying all the royalties owed? Who’s keeping watch, auditing to make sure they are accurate?
As an accountant, accuracy is important to me.
Thanks!
What Does the Decimal Number Net Acres Mean?
Hi Matt
Kevin
I listened to your podcast on NMA and NRA. I am confused on the NMA part. Our lease on 54.449 acres says on the last page: “ property described as follows: 54.449 gross / .54449 net acres”. So what does the decimal number net acres mean? Do we have less than one acre or do we have about half of 54 acres? I am confused.
Thanks
We Inherited Mineral Rights From Our Great Grandmother But Do Not Have Title . . . What Do I Need to Do?
My brother and I inherited Mineral rights in Loving Texas. We found out from a letter from (a mineral buyer). We were offered 1875.00 each for non-producing property. When we spoke to them again, they increase it to 2500.00 each. My brother took the deal while I’m still trying hard to get educated. We do not have title it’s my great grandmothers. I found out the warranty deed number in loving county. I am not great at the computer so I heard about your great Podcast . The clerk at Loving county told me I need an Affidavit of Heirship. Since I have no clue how much i own and it’s probably non producing , I’m not ready to pay for title yet. If it is worth something more in later years i just want to get contacted again to ensure that, what do I need to do? The clerk from Loving is looking into my warranty deed. From Your Podcast it looks like its a hot area.. Do you Think I should just sell or keep doing homework. Thank you,
Marla
How do I Find Well Production and Other Info For My Area?
Your podcast was fascinating and really informative! My parents own mineral rights on 320 acres east of Cheyenne and have negotiated/signed a lease with an E&P co. They’ve received documents related to permit filing with Wyoming Oil and Gas Conservation Commission (WOGCC) related to applications for 13 different wells. These wells are on 2 pads (I think I said all that correctly!) I’m guessing this is a pretty good indication they plan on moving forward with drilling??!!
Sean
The proposed wells are on adjacent lands – because they are horizontal wells my folks mineral rights come into play, correct??
I’m curious how to find out comparable well production statistics, timing of exploratory and full production well information—and generally, any other info I can get my hands on.
Again, great podcast…looking forward to more!!
Resources Mentioned in this Episode:
Royalty Audits
Knowing What You Own: Net Mineral Acres vs. Net Royalty Acres
- What is the Difference Between a Net Mineral Acre (NMA) and a Net Royalty Acre(NRA)?
- MRP 3: How to Calculate your Net Revenue Interest in 3 Simple Steps
- Get my free NRI and Royalty Check Estimator Worksheet. Just input your numbers and it will calculate your NRI and estimated royalty check amount.
- MRP 16: What You Need to Know about Oil & Gas Division Orders
Inherited Minerals & Royalties – Clearing Title, Thinking About Selling
- MRP 10: How to Perform a Title Search
- MRP 11: Oil and Gas Title Defects and Curative Measures
- MRP 70: 5 Tips if You Are Thinking About Selling Mineral Rights
- MRP 78: How to Sell Your Mineral Rights or Royalties For The Highest Price
- Mineral Rights Valuations – Matt’s Company Silverheels Investments LLC specializes in Minerals & Royalty Valuations. If you would like to get a better understanding of what your mineral rights and royalties are worth, please contact Matt for a free consultation.
- Never Split the Difference by former FBI Hostage Negotiator Chris Voss is THE book on negotiation. Whether for your business or your personal life like negotiating a higher salary at work, negotiating the best Oil & Gas Lease or getting top dollar with the sale of a property, this book just works. “In this practical guide, he shares the nine effective principles―counterintuitive tactics and strategies―you too can use to become more persuasive in both your professional and personal life.”
Researching Nearby Activity and Well Data:
- MRP 55: Get Oil and Gas Data For Free with WellDatabase
- Texas Railroad Commission Public GIS Viewer (Oil & Gas Data)
- Wyoming Oil and Gas Conservation Commission Website
Thanks for Listening!
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Thanks again – until next time!