Accounting Funny Business on Royalty Statements
Has anyone had any problems with Samson's monthly royalty payments? There was no natural gas production reported in my January royalty payment and the math didn't add correctly when multiplying the volume times the price. There were 44 pages of details and the math was incorrect for all the wells. I called and was told Samson implemented a new accounting system and it wouldn't accept natural gas production and thus zero payments. i couldn't determine if this is a widespread problem or limited to a "few" mineral owners. Samson said it would be fixed in the February royalty check. Plus they've changed the codes. What was once called oil... is now called condensate. I did thank them for at least answering the telephone... unlike some other oil/gas companies. thanks.
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Replies to This Discussion
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Permalink Reply by JHH on
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I get 57-plus pages of details every month from Samson wells. The check last month was less than $100. Samson is charging for everything... so is Sabine. Check out this article from a few days ago. It's really sad.
http://nypost.com/2015/07/29/samson-resources-to-file-for-bankruptc...
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Permalink Reply by Gale on
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Same thing with us! Nice checks gone to squat and we don't even get statements anymore to boot. I'm so over Samson! Please someone buy them out and stop this insaneness!
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Also noticing on Chevron this month they seem to be following the same patterns as Samson and the other companies
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Permalink Reply by Robert E. Anderson on
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What is amiss? Got 2 checks since June, I=One of the checks was a four figure the other is for a two figure check. Can't get anything out of them. And now Chapter 11. Just what does that mean to royalty owners.
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Permalink Reply by Skip Peel - Mineral Consultant on -
Robert, it means you should consult with an O&G attorney to see what your options are to protect your mineral interest. If Samson follows through on their announcement to seek bankruptcy protection, you will not be the only mineral owner in your unit effected. In order to defray legal costs you should seek to act in concert with as many neighboring mineral owners as possible to ensure that you don't end up as an unsecured creditor.
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Permalink Reply by olddog573 on
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I've seen my taxes go up as well but I've not had a problem with getting them to respond. I sent an email this morning and they responded within 10 minutes. They sent my email forward to another department but at least I know there is someone on the other end of the line.
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I'm sitting here in Dallas visiting with a cousin discussing this mess with Samson she just told me she's tried calling them over the last 5 days, no answer and no return phone calls either.. I'm not getting statements and cannot get them to send me one. My two brother are getting theirs and since they are carbon copies I'm not frantic about it.
I guess my major concern is if Samson does release our lease then what? Do we wait till someone comes to us? Or do we actively look for someone to take over our lease? Are we in a better position or a worse one?
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Permalink Reply by Skip Peel - Mineral Consultant on
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Gale, don't expect Samson to release your lease. They will hold on to it as long as you and the bankruptcy court let them. You can wait and let the court decide on how to classify your lease, secured or unsecured debt. Or you can get the advise of an experienced O&G attorney as to what options are open for you to take action. Since every other royalty interest in your unit(s) will be in same boat it is best to discuss sharing one attorney and splitting the cost.
Your brothers can't make a demand until Samson stops paying them. Please keep in mind that Samson has not formally filed. They have only announced that they plan to do so.
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Yes, I realize all that Skip, I'm just asking so when it happens I'll hopefully have a plan in place. I have cousins that are attorneys and one specialized in Oil and Gas for years. I'm going to call him and just discuss all this and kinda get it all straight in my head as to what our choices are dependant on what Samson does. I also think the majority in this unit are relatives and have sent emails to all of them, I am pulling my papers to verify if there are others in the unit as well. Another concern of mins is the McGoldrick Oil Co in Shreveport La. had/ has the original lease and did a far out to Samson from I think 7,500- 13,000 ft. So I'm not certain how that will play in the equation but I will be contacting Brian Hardy at McGoldrick next week for sure.
Thanks for all the information
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Gale, Samson no longer sends me invoices either. They switched to the website Oildex. Have you signed up for that?
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