What action do I take when Well has reached pay-off?

At the end of the second quarter this year (2014) the well in my unit was $48,000 from being paid off.  By my rough calculation the July Sonris Lite production report indicated that it could have reached that amount. What, if anything, do I need to do?      

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Permalink Reply by Skip Peel - Mineral Consultant on November 14, 2014 at 12:29

Have you received a third quarter report from the operator?

Permalink Reply by Tommy Johnson on November 14, 2014 at 12:34

No, probably will get it the first week of December.

Permalink Reply by Skip Peel - Mineral Consultant on November 14, 2014 at 12:39

Wait and see what the report says.  If the well has indeed paid out there should be a form for supplying your social security number to receive production payments and a 1099 for reporting income to the IRS.

Permalink Reply by Tommy Johnson on November 14, 2014 at 13:21

Thank you for responding and advice.

Permalink Reply by Judy Smith on November 27, 2014 at 7:45

Sorry for the comment, Skip.  I was out of line.  Hope you enjoy your Thanksgiving!

Permalink Reply by Judy Smith on November 27, 2014 at 7:45

Sorry for the comment, Skip.  I was out of line.  Hope you enjoy your Thanksgiving!

Permalink Reply by Skip Peel - Mineral Consultant on November 15, 2014 at 13:57

Knowing the well cost is helpful but won't tell you if the well has paid out. 

Permalink Reply by Michael Glen Lyons on November 20, 2014 at 2:30

Pay the government more money in taxes is the biggest thing.

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