Unleased owner problems getting accurate timely force pooled revenue??
Many people here have referred to the significant but ill-defined difficulties with getting force pooled revenues. But what if I don't do anything? Will I not get anything? Will I only get a small fraction or 80% or 50% or only 10% or less of what I am owed? Will it be many months or years after well payout before my revenues start, if at all? Will I have to expend large legal sums and go to court or hire an expensive O&G accounting service to obtain what I am owed?
GETTING MY MONEY..
Say my 10 acres is forced pooled and a producing well is completed. Also, say I am senile, or living in Siberia or Tahiti, or on the lam from the feds, or in prison, or otherwise. Say I don't have the time, energy (retired), funds, legal resources, knowledge or inclination as an out-of-state or out-of-country mineral owner to track drilling costs, operating expenses, well payout, etc, etc. Does lots of problems getting my money suggest that I might not get any money or possibly only a small fraction, if any, of what I am legally owed and even then it may take long after well payout (years?) before I start getting ANY revenue from well production?
What I am wondering is will a force pooled owner with little or no financial management or tracking efforts receive significantly more revenue (not necessarily the maximum or optimum amount owed and not until well cost is recovered) than if he/she were leased. Or, is it likely that a well operator will delay or postpone informing force pooled owner(s) of well payout and not initiate revenue payments until the owner raises the issue? Is having to go to court one of the likely problems to get my money? Can anyone post a good list of "lots of problems" a force pooled owner will face to get their money?
Sorry, all I have are questions and no answers.
GETTING MY MONEY..
Say my 10 acres is forced pooled and a producing well is completed. Also, say I am senile, or living in Siberia or Tahiti, or on the lam from the feds, or in prison, or otherwise. Say I don't have the time, energy (retired), funds, legal resources, knowledge or inclination as an out-of-state or out-of-country mineral owner to track drilling costs, operating expenses, well payout, etc, etc. Does lots of problems getting my money suggest that I might not get any money or possibly only a small fraction, if any, of what I am legally owed and even then it may take long after well payout (years?) before I start getting ANY revenue from well production?
What I am wondering is will a force pooled owner with little or no financial management or tracking efforts receive significantly more revenue (not necessarily the maximum or optimum amount owed and not until well cost is recovered) than if he/she were leased. Or, is it likely that a well operator will delay or postpone informing force pooled owner(s) of well payout and not initiate revenue payments until the owner raises the issue? Is having to go to court one of the likely problems to get my money? Can anyone post a good list of "lots of problems" a force pooled owner will face to get their money?
Sorry, all I have are questions and no answers.
Tags: forced, pooling, problems, recovery, revenue
Views: 198
Replies to This Discussion
-
Permalink Reply by Checkmateking on
-
Just what the board needed, a thread about being force pooled.
-
Permalink Reply by Dion Warr, CPL on -
lol...
-
Permalink Reply by Robert Griffin R on
-
No offers, no unit, no operator, yet. Just trying to gather information.
Chesapeake is moving very close to me in the western edge of 15N-14W in West Stonewall. My land is in NW corner of Section 20. Chesapeake has completed Nelson 31H in Sec 18 (shut in and waiting orders) 1 mile west of me, completed Burford 31H (active-producing) 2 miles southwest of me in Sec 31, and just completed unit meeting in Shreveport for Sec 19 adjacent to the west of me. My guess is it will be Chesapeake. Would like some first hand, force pooled, landowner knowledge and experiences with Chesapeake or any other Louisiana operator. I assume it will be many months/years before any Haynesville wells reach payout status for landowners but surely there is a lot of force pooled owner information around for the 100's of shallow wells in NW Louisiana.
-
Permalink Reply by The_Baron on
-
Good post KB,
But correct me if i am wrong, it would be prudent for the mineral owner to contact the operator as soon as the well starts producing?
-
Permalink Reply by Jay Murrell on
-
Hi Guys:
Listen, I’ve got a situation I'm sure some of you really smart people can fix in a jiffy. I've got an agreement with a biggish independent oil company wherein they agreed to drill a lease I owned and abide by certain very specific language as to what they would charge for drilling, producing and transporting oil and gas from any well(s) they drilled. The terms of the agreement are crystal clear...I mean the sort of language that gtbay would read and say, "That's it, what more can I say."
Anyway, the biggish independent is not abiding by the agreement. Problem is, I've got a mineral owner that I promised to look for when I bought their lease. So, I filed a lawsuit last year, or was it the year before, (time flies when you’re spending your own money) and we still don't have a court date. The biggish independent is FIGHTING me. Imagine that...and I'm right!!!!
My lawyer assures me I will prevail.
I won't say how much I've spent so far because my wife would FLIP! Let's just say I could buy a brand new Escalade w/ 24's if I hadn't had to file this suit........but I will win. I just don't know when it’s going to be over, or, how may new cars or college educations it will cost me.....but, I promised to play the hand out.
So, I need to know how to make this biggish independent roll over and abide by the terms of our agreement…. I’m sure the smartest guy in the room…you know who you are……(did you own a drugstore in New Orleans) can tell me the magic words to make it all go away.
Anxious in Broadmoor
-
Permalink Reply by Jay Murrell on
-
I'll try that
-
Permalink Reply by Jay Murrell on
-
both sides of the argument
-
Permalink Reply by Todd M. Baker on
-
KB: With all due respect, do you really think that law as written is worth a tinkers darn?
If I read it correctly, through tears of laughter no less, if I, Todd M. Baker decide that I want to buy some mineral rights in the state of TX for my own benefit, under 9(A) I can't, unless I am a landman. I am buying them for me. Poppycock. BUT any ole attorney can. Ambulance chasing attorney can. Why can attorneys? To my knowledge there aren't any special Law Schools that teach the trade. There is not one class at any university that teaches a person how to be a landman. There are or used to be, PLM degrees, but that is only "book smarts". You can't teach negoitiating skills. Some got it, most don't. Under this law as written, I can't even check title, for myself, without a license. Now that is a joke. Imagine a land owner wouldn't be able to go to the court house and review their own title if they decided they wanted to sell some, without a landman license.
This is nothing more than a bad law conceived by a bad lawyer that couldn't make it as a lawyer so he is now in charge of making law. Now that makes sense doesn't it?
Maybe we could use Alfred E. Newman (sp.) as our poster child. He has a great smile.
TMB -
Support GoHaynesvilleShale.com
Top Content
Not a member? Get our email.
Groups
-
Natchitoches Parish
399 members
-
Cass County, TX
119 members
-
Franklin County, Texas
8 members
-
San Augustine, TX
386 members
-
Rusk County
97 members
-
Vernon Parish
59 members
-
Bienville Parish, LA
242 members
-
Sabine County, Texas
172 members
-
Sabine Parish, LA
455 members
-
Angelina County, TX
87 members
© 2024 Created by Keith Mauck (Site Publisher).
Powered by
