"Accidentally" selling your minerals
A lot of people I know are getting letters with authentic checks wanting to buy all or a portion of one's minerals. These checks address the name of the well, serial no., so they would be confusing for a person waiting for his first mineral royalty check. It is my understanding that if these checks are signed and cashed by mineral owner, it constitues a sale of the minerals as it translates to acceptance of purchase offer for minerals.If you have family members, neighbors, friends, please make them aware not to cash one of these checks. A neighbor received one today and was about to cash it thinking it was their first royalty ck. It wasn't from the co. they are leased with, but they thought the company they were leased with had transferred their minerals. We talked them out of cashing it until they talk to co. they are leased with as they still think it is a royalty ck. Maybe I am wrong in thinking that cashing one of these checks constitutes a sale. Can someone enlighten me on this?
Views: 141
Replies to This Discussion
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Permalink Reply by Linda Whatley on
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Yes, I agree some folks don't want to share any information about their mineral leases, or their royalty checks. But, my neighbors and I are willing to share this information because we know it will help us discover errors (nobody's perfect, so we realize mistakes can occur). That's the best way to approach things. I've already let my neighbors know about PXP buying an interest in Chesapeake's leases, so they will be aware that they will be receiving two checks each month on Virginia Packert 6H. Also, we all have basically the same lot sizes, so our checks should be about the same.
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Permalink Reply by Checkmateking on
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Sorry, it wasn't my intent to be callous, I think anyone who engages in such practices should be beat down with a rubber hose.
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Permalink Reply by kittycatmama on
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You were right though! When trying to help these people, they wouldn't tell anyone anything. "Minerals" has turned people so ultra private that it is hard to help them. I think Henry has encountered some of this in trying to find out what people get for their minerals from each co. It is almost a paranoia
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Permalink Reply by FXEF on
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It is all public record in one form or another.... just has to be researched and compiled. People are tight lipped about their minerals, but spill their life history on Facebook. Art Linkletter said, "People are funny."
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Permalink Reply by kittycatmama on
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Isn't that the truth. I NEVER post anything personal on Facebook, but it shocks me when I see my friends tell every private detail of their lives on FB. That is there for the world to see forever
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Permalink Reply by Mac Davis on
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Facebook is a privacy disaster. Even if you DON'T sign up or give Facebook information, your real world friends may give Facebook their e-mail address book and now your e-mail address and name is now associated with them and all of their friends.
Someone made a typo and created a Facebook account linked to my MacDavis@wherever.com e-mail address and when I looked at the facebook page that I didn't create and never gave any information to, it lists me as "potential friends" with several of my family members, several of their friends, and some of my real world business and personal contacts.
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Don't you just hate it when they tell every little thing they did during the day....... like I want to know what they are doing....... yeah, right!
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Permalink Reply by Dion Warr, CPL on -
KCM:
But that's the thing: Mineral ownership is not private. Anyone (including these companies that send out fly-by-night letters with a check with a "hook and a line" attached to them) can research and find out who owns what. Anyone with a little knowledge, a little bit of courthouse time and a few tools at their disposal can reasonably ascertain what someone's royalty check might be, given the intent to do so.
IMHO, and to quote someone else, "Sunlight is the best disinfectant". One can understand (and probably appreciate) the mineral owner that does not feel the need to spread their business (or anyone else's), so not wanting to disclose too many specific details about one's particular situation is reasonable. But disclosing the 'market price' paid on oil, gas, or condensate can and does shed light on differences paid from field to field, or operator to operator, and can be useful for the general public (much like posting average mortgage rates, for instance).
As far as what one receives for mineral or royalty rights, there is a difference, though. With no right of rescission for lesion beyond moiety, one's mineral or royalty rights are worth whatever someone is willing to pay for them.
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Yep, Dion is right, anyone can find out about your mineral rights if they just take the time to do the research. And everybody should know by now that you only get what you think it's worth when you find someone to pay you what you think it's worth!
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Permalink Reply by kittycatmama on
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I have been open with anyone I know about our minerals. Like you said, if someone wants to take a little time to research it, it is public knowledge. I think we all need to help each other
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Permalink Reply by Checkmateking on
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absolutely
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Permalink Reply by MARG on
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These checks should be taken seriously; I shred all of them. I am almost certain that when one signs and accepts the check, it is called "CONVEYING MINERALS AND/OR ROYALTIES" IF IN PRODUCTION." When one gets these, usually it is a sign that something good is happening around the area. Sometimes it means the minerals are going into a well, etc. So, we should get GLAD instead of MAD!!!
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