Replies to This Discussion

Permalink Reply by ledlights on February 26, 2014 at 21:01

Their online system is behind. They haven't emailed me any check details in 2014, and their website currently says that statements are unavailable electronically so far for 2014. Their payments have been consistent with previous ones - February reversed a slow downward trend in payment which I assume is due to the winter gas price increase. Thanks for the heads up - I'll take a look at my paper statement.

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Permalink Reply by JHH on February 27, 2014 at 3:06

ledlights:  Are you in Louisiana or Texas?  My January check (november 2013 production) was about 2/3rds less than the December check.  There was zero natural gas reported.  Samson said it was an error caused by an accounting system change.  Said February's check would have two months natural gas royalty payments to make up the error.  Still waiting for the details.  Will keep you up to date.  thanks

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Permalink Reply by HBP on February 27, 2014 at 4:45

JHH,

I am going through this with Samson on a few folks I work for and my only advice is to let them go through implementation but make sure you keep the check detail from each month.  Some issues are best viewed after they are given a few months to smooth out, then go back and check each month and document underpayments to submit to owner's relations by letter.  Just in the Haynesville, many companies have converted reporting systems (some more than once in the past 5 yrs), and it is a growing pain for owners.

Also, many systems do not quote the exact volume reported on the State site (Encana is an example in some of their plays).  Always take your gross, divided by your correct interest decimal, divided by the price they reported to you and to see what is your actual paid volume.  And with some systems you need to account for product quality with the price they are showing.  However, looking at the temporary statements I have from Samson related to January's check does not have this, so it may be another issue they smooth out and report later once the online access is opened back up.

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Permalink Reply by JHH on February 27, 2014 at 5:59

HBP:  I just received my February Royalty statement.  77 pages now!  It appears they paid for November and December Nat Gas.  So, it seems everything is OK... but it could take me weeks to go through all of the pages to make sure.

thanks,

jhh

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Permalink Reply by Gale on February 27, 2014 at 19:48

We have had issues also, last month of the 8 family members that receive royalty payments ( all but one is direct deposit) we had one member of our family who didn't receive his check. There are about 3 of us that also receive a e-mail on the 17th each month notifying us of the revenue amount for the month and typically around the 23rd the checks are deposited. Last month and this month we got no emails on the 17th, nor did we receive notice of the payment being deposited. Last month minus the one family member who didn't receive a check at all, our checks were deposited on the last day of the month. We called and really got no answer except they were updating accounting software and they didn't know an exact date the checks would deposit. The family member who didn't receive his at all was really brushed off, told his check had IN's and OUT's which was a total lie because all of our checks are the same and we got ours. He was to receive a call back on February 7th which never happened and on Feb 10 he called and ask for the gentleman that had so called helped him and was rudely told he was unavailable, he said I will call back and was basically told DO NOT Bother! He was quite upset and ask me ( his sister) since he was at work and I was at home to see what they would tell me. I called and ask to speak to the gentleman and was also told he's unavailable, she was very rude, curt and just snappy. I ask to speak to the head of accounting and was told they do not have A HEAD of Accounting, I said really? She said no we do not, I said well someone has to be in charge and again I was told no one was in charge. I then said well I deal with numerous oil companies and they all have head accountants her reply was " well we are a large company and we don't have anyone in charge", my reply was " well you certainly are not larger than Chevron and they have head accountants. I ended that call as it was ridiculous and called the switchboard and ask for the head accountant and was told all she had was names of people and no idea what their titles were, I said well who's in charge of the whole company and her answer was I don't know all I have is names. She then put me on hold and never came back, while I was on hold I googled Samson and found the CEO's name along with several other heads. I again attempted to call the switch board and it was not answered this time but did go to a auto system that you spell out the name and I entered the CEO's name and the phone rang and "BAZINGA" I got his assistant. I explained what had transpired over about 10-15 days and she was very apologetic, I even ask did the switchboard have caller ID because I felt the revenue dept had told them to stall calls, which she confirmed they did have caller ID. She ask for my brothers info, and as I started to give it to her I decided I'm not letting her off the phone and told her let me add him to our call, which I did. Once he was on the line he gave her the info, explained what had transpired over the days etc and she said someone will contact you soon and if you ever need us again here is my personal number feel free to use it. Within minutes he received a call from none other than the proclaimed Head Accountant who told him his check would get cut that day and be in the mail, which it was. Again this month he didn't receive his check and after checking with all the other relatives to make sure everyone else had received theirs I promptly sent him the phone number to the Head Accountan. He was told since he had been cut a check last month the system again was sending his in the mail, but he would correct it and next month he would get his direct deposit back.
I have ask about out emails on the 17th and have been told that they will eventually we will again get them, and also been told from now on our revenue checks will deposit on the 25th. In the past I've received mine as early as the 19th so e months and never later than the 23rd. I'm ok with that, but I'm not ok with not being able to have my questions answered and I also think over two months to update software is a bit excessive! Good Luck to anyone having issues!

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Permalink Reply by Bill on February 27, 2014 at 20:41

  I have received both Jan and Feb royalty payments via direct deposit but have not been getting the email notification. Hopefully things will get ironed out soon.

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Permalink Reply by JHH on February 28, 2014 at 2:48

Gail... good for you.  Glad you are a persistent thorn.  Sometimes these companies need some come-uppins.  the person who lied to you about no head of accounting should be FIRED... and the policy of delay and misinformation should come to an end.  seems they are all trained to frustrate royalty owners... hoping they will give up.  thanks got going after them.   Samson is owner by KKR... so we'll see if problems get worse or management responds to complaints.

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Permalink Reply by olddog573 on February 28, 2014 at 2:00

I'm with Samson and my statements were correct. My statement was mailed to me which was different than all other times where it was emailed to me. Was also told they were changing accounting programs.

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Permalink Reply by JHH on February 28, 2014 at 2:40

It seems to me... the accounting systems should be checked and ready to go before switching.  If it's not ready or full of errors... the old system should be used.  why in the world would a company use a system that's not tested and full of errors... and just kind of hopes it works... or only a few people would be affected.  sounds kind of familiar doesn't it?  by the way... Penn Virginia is doing the same thing.  updating their accounting system. and up until this point... PV has been very good with everything.  You just have to wonder what's going on.

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Permalink Reply by olddog573 on February 28, 2014 at 5:25

It may have nothing to do with it but I bet Caddo Minerals is thinking there may be some frustrated Samson mineral owners out there.  By saying frustrated I mean that Samson has no plans that I know of to drill until prices stabilize at these higher prices.  Or at least that's what they have told me and I have three wells with them, one of which has been plugged and abandoned even though it was still producing, they just didn't want to spend the money to drill another well.

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Permalink Reply by Gale on February 28, 2014 at 6:38

Kathy,

We had some concerns also when this started happening and did some checking on them. Everything we have checked thus far seems to be ok. Their debt to credit ratio is very low and they are in good standing.. I'm praying all of this irons out by next month and things return to normal. We have been with Samson since 1993 and this is the first problem we have ever had. I cannot say the say for the other oil companies.

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Permalink Reply by HBP on February 28, 2014 at 7:03

Samson will operate differently since KKR bought them.  I will wait and see.  The old company was private and still had family ownership and management. KKR is private equity and that is just a numbers game.

Also, BTW, I read in these posts where people get strung out multiple months (14 months in one post above) on underpayments or non-payments.  This is unnecessary.  Correspond by certified, return receipt mail, then get an attorney if it is not reconciled after that.  Attorneys that do this know the procedure well and understand common errors on royalty payments.  I am not pitching this for me, I just think its good advice to save owners time and headache that can be caused by relying on (certain) "owner relations" departments.

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