SCAN0096.JPG Just received the 3rd Quarter Payout Statement from Chesapeake on the well in my section. I am an UMO. The 2nd Quarter Payout Statement showed the well had an outstanding balance of $47,525.05. The 3rd Quarter Payout Statement shows a Net Proceeds of $117,507,81 which put it in the black at $56,345,87.
I was expecting to find something along with the Statement to indicate that they would be contacting in the near future, but alas - zilch. Advice would be appreciated.
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Unless the amount you are owed is below the minimum amount required for a monthly check, you should be receiving a check soon. I wouldn't just wait to see if it arrives. I would contact the Chesapeake Division Order Department (use the link at the end of this reply to find the phone number and email address) and confirm you decimal interest in well production. Ask to speak to the staffer responsible for you well (629848/Bryan 9-16-15 H-1). You should ask that staffer the number of acres in the unit and what your ownership interest in acres is calculated to be. Your share of production is your acres owned divided by the acres in the unit. For example, if you owned one acre in a 640 acre unit you decimal interest would be 0.0015625. Be prepared to provide the staffer with you social security number for tax purposes. They may want to send you a form to file out in that regard for documentation in the pay deck.
I returned signed Division Orders on 01/27/2011 and 08/29/2011 (Return Receipt was dated as Received September 10, 2011 Mailroom 7). SSN was given at that time. I'll give them a call Monday and check my status. Thank you again for your timely advice.
called Chesapeake this morning about 10:00. Was told to e-mail the Payout department (payouts@chk.com). Gave them the well name, well number, and owner number. Asked them to confirm my decimal interest in the well and to avise as to when to expect receipt of any payments. No news to report as yet.
Tommy,
Keep in mind that if you are a UMO in Louisiana then the operator has 180 days from sale to pay you your share, so you may still be a few months away from payout+180 days.
Thanks Andrew. At the beginning of July the Payoff was $48,000. The well actually reached payoff the middle of August. Would that be the start of the 180 days?
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