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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Permalink Reply by Krkyoldhag on March 8, 2014 at 2:54

It is like that USAA commercial "when did you get USAA?" I got Samson when the old Placid Oil leases were sold off after Bunker Hunt thought he was going to own all the world's silver.

And now I have KKR.

Permalink Reply by ledlights on March 24, 2014 at 9:16

I received email notification of 3 different direct deposits today from Samson (Texas). The first two were for the amounts I already received in Jan. and Feb. I hope this is just the notification system catching up.

Permalink Reply by Gale on March 24, 2014 at 16:37
Ledlights, no telling. I'm not really sure what's going on at Samson. We have been with them since 1993 and this is the worst I've ever seen, in the past we had no issues. I've been getting email notifications for yrs and so has one of my two brothers, we all have had direct deposit too. I've not gotten a email since Dec. one brother didn't receive his direct deposit but finally after about 3 weeks did get a actual check by mail. That happened in Jan and Feb, he was told his direct deposit would resume this month. Today I called Samson and ask if the books had closed and was told yes but they didn't have the check amounts. I said to the young lady ok I have another question and I want the TRUTH, she says ok, I said are we ever going to get our emails back? She said well our need accounting system isn't set up for it but I'm told eventually they will get it back. I said well basically I do t think any of this is to do with the new software as much as it is to the fact that a new company owns samson , she says oh we don't have new owners. I said yes KKR now owns Samson and she said well they bought us in 2011, my reply was and they are just not putting their new policies into effect. I'm sorry I'm with Samson now! Well, in my mail today was my Feb statement, my brother who has never gotten the email got a email and my other brother and myself who have gotten them for years got nothing. I'm afraid this is the beginning of bad things.
Permalink Reply by olddog573 on March 25, 2014 at 2:47
And based on this article it doesn't look like it will get any better http://fuelfix.com/blog/2014/03/21/private-equity-shifts-shale-stra...
Permalink Reply by Gale on March 25, 2014 at 5:17
Well mine did hit by DD dated on the 24th, but I had checked around midnight last night and it wasn't showing. I pray things go back to "normal" last thing I wanna worry about is this. Just put DA Money in DA bank!!!
1kw6x71km1v37Permalink Reply by 1kw6x71km1v37 on March 25, 2014 at 9:33

I wish I was a landowner in the Cline Shale. Instead, I'm in the TMS. Rhymes with POS, and if they don't get it figured out before they run out of money, it'll be one.

Permalink Reply by Gale on March 25, 2014 at 10:41
Kathy,
Sorry your grandson was faced with such a scarey scenario, but thankful nothing bad happened. I empathise with the surface property owners in that they could and at times have had their property mistreated/abused (whatever apporiate word would be). But the main point you make is about treating people with respect and that includes telling us lies about what's really going on. Like I told the young lady yesterday " I want the truth". Sometimes we don't like what the truth is and it can be upsetting but not nearly as upsetting as being told something and then find out days,weeks or months later it was a lie.
Permalink Reply by Robert E. Anderson on March 27, 2014 at 2:52

Wow, Just signed a DO with Samson. Have never worked with them before, but it looks like I'm in for a bumpy ride with them.

Permalink Reply by JHH on March 27, 2014 at 3:29

Good luck!  Seems we're having some similar problems with Penn Virginia.  Last month they said it was an accounting switchover problem.  Just what Samson said.  But i think Samson has its "accounting" problems worked out.  Got Penn Virginia February (usually by the 26th-direct deposit) royalty check March 5th.  Still nothing for March.  We'll see?

Permalink Reply by Robert E. Anderson on March 27, 2014 at 4:31

Thanks for  your reply. I understand the "Aunt Kathy" theory, and I'm afraid I'm "Aunt Kathy" in my family. I  married into this. No one wanted to even know what was going on, but to just enjoy the checks as they came in. Boy! There is much more to it than that. They had been leasing way under what they should have been. With 100 acres  that mounts  up, Than had also accepted and signed some DOs from different company's. Boy what a nightmare. Hopefully all things have been worked out.

Permalink Reply by Gale on March 27, 2014 at 5:03
We have been with Samson since 1993 and I have never had any issues with them until this. I'm still holding out good times shall return!
Permalink Reply by Robert E. Anderson on August 4, 2015 at 10:24

Have a small lease with Samson. Just  got a very small   royalty check from them. It has the production report attached with the check.  I have had nothing but   confusion from this company. I  can never get anyone on the phone. I'm beginning to look  forward to the lease re-release.  

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