Replies to This Discussion

Permalink Reply by Bill R on March 20, 2018 at 17:19

Yep, got the papers in the mail yesterday... reading through them still.

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Permalink Reply by kittycatmama on March 21, 2018 at 9:02

I am trying to figure out why THEY want the mineral owner to figure out what is due

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Permalink Reply by SL on March 21, 2018 at 9:28

My thoughts exactly!

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Permalink Reply by JHH on March 22, 2018 at 7:50

Tell them they owe you $5-million dollars and see what happens!

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Permalink Reply by Bill R on March 21, 2018 at 13:09

From what I understand after reading the papers is that they want us to figure out what we are owed as well... does not make a lot of sense to me since I have no idea of how much they have taken from the well(s) or what the price was that they sold it at.

Very irritating to have to deal with this and to make it worse, I cannot locate a Land, Mineral & Gas Attorney here in Oregon that knows anything about Texas, Arkansas or Louisiana Rules and Regulations.

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Permalink Reply by JHH on March 21, 2018 at 12:03

I didn't know bankrupt oil/gas companies could withhold royalty payments!  A royalty owner is not a creditor... and should continue to get royalty payments.  Exco is selling oil/gas/liquids.  royalty owners should have been payed from that.  But I'm not a lawyer and don't live in Louisiana.

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Permalink Reply by kittycatmama on March 22, 2018 at 4:30

I don't think we have a lot of money coming. Think I will just send them a request for about 5 times what I think we are owed and let THEM work it out with their attorneys. Bet they figure it up quickly when they see we want more.

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Permalink Reply by Hale Yayuh on March 22, 2018 at 5:17

If a royalty owner truly is supposed to fill out the form, this is ridiculous. I can't see how anyone can do it accurately. One has no idea what price they get paid per mcf, nor the deduction amounts for any given month.

Have they NOT been paying royalties, and, if so, for how long?

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Permalink Reply by Andrew on March 23, 2018 at 2:21

I just got these notices myself and had a chance to review them. If any EXCO royalty owner has good reasons to believe that his/her royalty has been underpaid by EXCO at any time prior to January 15, 2018, the only way to recover the unpaid royalties is by filing a claim with the bankruptcy court using the paperwork provided and with supporting documentation. However, if you have been getting paid royalty from EXCO every month without interruption and your decimals are correct, there is probably no need to file anything with the bankruptcy court.

Typically when E&P companies file for bankruptcy one of the first things the bankruptcy trustee will do is resume payments to royalty owners in order to preserve the company's leases. Leases are the primary assets E&Ps hold, so their creditors generally won't object to paying out royalties because they want to preserve the company's assets so they still have something they can recover from the bankruptcy.

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Permalink Reply by Skip Peel - Mineral Consultant on March 23, 2018 at 2:23

Without a unit survey, it is impossible to know if one's decimal interest is correct.

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Permalink Reply by Bill R on March 23, 2018 at 4:37

Amen to that... We own multiple unit surveys with zero knowledge of what they are pulling out, do we just 'guesstamate' what should be paying us? Spoke with a fellow Fisherman who is a Criminal Lawyer... after he laughed a lot, he told me to guess... submit a 'guess' of three or four times what I would normally be getting for a whole year for all wells held be them... so I guess that is most likely what I will do.

Does that sound stupid or correct? Anyone else doing similar or ???

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Permalink Reply by kittycatmama on March 23, 2018 at 6:06

That is EXACTLY what we plan to do--turn in about 5 times what we THINK we are owed and let them work it out. This is an EXCO problem and if they don't want to pay then we need to be released from a crummy lease that is holding our minerals and which EXCO bought from another old oil and gas co.

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