Replies to This Discussion

Permalink Reply by Joe Aldridge on September 22, 2011 at 9:37

I think we need the Section, Township and Range. And the number of acres involved.

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Permalink Reply by clinton conrad bedsole on September 22, 2011 at 9:42

 Thanks for replying so quickly.

Section 7

Township 12N-Range12W

15.6 acres

 

 

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Permalink Reply by The_Baron on September 22, 2011 at 9:43

you will start getting royalty checks soon, if the well is producing. calm down and sit tight

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Permalink Reply by Les Bamburg on September 22, 2011 at 11:46

Clinton, the well began producing in May.

 

Chesapeake, Calhoun 7 #H1 Well, Serial #239433, S7-T12N-R12W, DeSoto Parish, 8520 Mcfd, 16/64" Choke, 4040 psi Flowing Pressure

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Permalink Reply by clinton conrad bedsole on September 23, 2011 at 4:31

Thanks,Les.

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Permalink Reply by Daryl on September 23, 2011 at 4:45

I was told that if they recieved the Division Order by the 20th of this month, that we would be in the checks that go out at the end of this month. I read somewhere that CHK sends out checks on the last work day of the month.

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Permalink Reply by Krkyoldhag on September 23, 2011 at 6:43

Congratulations..now right now before you cash the first check..go to your bank and arrange a separate account to deposit  33% into it for your taxes.  Do not fail to do this..True story ..a neighbor showed me her first shale check (she now had 5 wells) and I told her the same thing.

 

She didn't do it.

 

Bottom line..she owes taxes..and IRS has attached her checks until the tax debt is paid..you cannot plan to pay taxes on next months or next quarter's royalties.  Spend the gross and you will suffer later.

 

Put the money aside and enjoy the rest worry free.. Oh and see a tax man.

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Permalink Reply by Hopeful About Natural Gas on September 23, 2011 at 14:30

Very good advice - you can't get out of death and taxes.

 

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Permalink Reply by Merry Old Bruner on September 28, 2011 at 6:05

do you only get Division Orders when you own the land also -do you get them if you just have mineral rights?

 

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Permalink Reply by The_Baron on September 28, 2011 at 7:01

You only get themif you own mineral rights, royalty or a working interest. Surface Ownership is irrevelent

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Permalink Reply by Merry Old Bruner on September 28, 2011 at 7:50

thank you so I should get them for my mineral rights if and when smething happens.  Sorry to sound so vague - i found out i have some legancy minerals and don't have a clue.

 

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