Castleton Resources
Just got my first check from Castleton Resources on the old SWEPI wells. Check your statement closely if you have the same.
They messed up big time. Price was much better than SWEPI as well as deductions, but the volume was half of what it should be. When SWEPI split out from EXCO SWEPI kept the original owner percentages and cut the volume in half. EXCO kept the original volume and cut the owner percentages in half. Looks like Casleton cut both in half.
The also took deductions on a non deduction contract.
Their automated email reply said it could take longer than the normal 30-60 days to reply due to the Covid-19 issue.
Views: 730
Replies to This Discussion
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Permalink Reply by Spring Branch,mineral owner on
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My check was 1/15 of what it should have been
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Permalink Reply by Spring Branch,mineral owner on
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Ecco and Castleton each own 50% of the four wells I own a royalty interest in. My May Exco check was $2,400. My Castleton check amount was $104. Looks kinda suspicious to me!!!
I freaking hate incompetence!!!
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Permalink Reply by Spring Branch,mineral owner on
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EXCO
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Permalink Reply by Stonewall on
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I was only paid by Castleton only about 1/2 of what Exco paid me. Not as bad as your situation, but still bad. I did email Castleton about their discrepancy about a week ago, but have not heard back from them. At least poor little Exco pays us a fair/correct amount and I wish they were still paying us 100% of our royalties.
I do believe Shell gypped us when they paid 50% of the royalties, but Castleton seems to be much worse at least on the first payment to us. I hope to get an explanation soon as to what happened from them.
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Permalink Reply by full name on
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Guess what -- The check bounced. Not a good way to begin a relationship.
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Permalink Reply by full name on
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They have 30 days after written notice of a monetary breach notice to correct the problem. After that the lease terminates. If I don't get an answer this week I will send a written notice.
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Permalink Reply by M B Gilster on
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I contacted CCI last week to confirm receipt of my ACH DD form but today I asked about the incorrect OR pymnt I received earlier this month, here is the DO analyst's reply > " I do apologize, we have been made aware of the issue and are working diligently to get this issue fixed for future payments. "
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Oh, for Pete's Sake! That is ridiculous. I hope that Castleton is not some sort of Mickey Mouse company. I had direct deposit and my check must have gone on through. But, I never want to hear that checks might not be paid due to lack of funds. It is bad enough that Castleton is doing a horrible job calculating our royalties.
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Let us know what you hear. I've been trying to get a transfer order from them. There was decent communication pre-virus, but its now been six months since they got the recorded conveyances and nothing yet.
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