What happens when a Well reaches payout status but you are not notified until over a year later? Does the 180 rule apply? What are the penalties against the O & G Company?
TIA.
LN
Tags:
My BPX Energy royalty payment detail for a Haynesville well in Natchitoches parish has recently started showing a deduction for "TX08 Unclassified Tax". I understand the exemption for deep/horizontal wells ends after two years or payout, whichever occurs first. I assume this deduction is for my share of LA severance tax. But the Owner Remittance Advice includes a code "TX05 Severance Tax". So I have two questions:
1) If this is deduction is for severance tax, why would BPX code it as TX08 Unclassified rather than TX05 Severance Tax
2) How can I determine if this particular well has, in fact, reached payout?
Thanks,
Rob Friday
Without detail on the specific well, it's difficult to offer an informed opinion. Have you reviewed your EnergyLink account information? I'm not aware of any BPX operated well in Natchitoches Parish. Is your well operated by a company other than BPX but BPX pays your royalty?
In researching the decades-old Tuscaloosa Trend and the immense wealth it has generated for many, I find it deeply troubling that this resource-rich formation runs directly beneath one of the poorest communities in North Baton Rouge—near Southern University, Louisiana—yet neither the university ( that I am aware of) nor local residents appear to have received any compensation for the minerals extracted from their land.
This area has suffered immense environmental degradation…
ContinuePosted by Char on May 29, 2025 at 14:42
246 members
359 members
121 members
193 members
146 members
400 members
101 members
150 members
166 members
9 members
© 2025 Created by Keith Mauck (Site Publisher).
Powered by
h2 | h2 | h2 |
---|---|---|
AboutAs exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More |
Links |
Copyright © 2017 GoHaynesvilleShale.com