landowner

Payout Division response to inquiry

I contacted Cheasepeake Payout Division (February 19, 2016) concerning an anticipation of a date that I, as a UMO, might expect payment from the well in my unit that reached payout last August.  Well name, well number, and owner number was provided.  The response I received was as follows:  "The payour review process is almost complete.  I can't give you a definite month but I believe it will be the end of April or May at the least." 

As I understand the process the company has 180 days to finalize their figures. Even if they use the end of August as the payout date my calculations would indicate the end of February as the time for payment to be mailed if it was over $100.00.  Am I wrong.

Views: 478

▶ Reply to This

Replies to This Discussion

Permalink Reply by Dino Roberts on February 27, 2015 at 16:31

you do not have to wait until payout, to see the numbers and track the well to payout;

you should be getting the same monthly payout statements that they use themselves to calculate payout, drilling costs recoup and such and same method they use for their partners;

if your interest is large enough, I would head to their office and hang in the lobby until they send someone down to help you or hire an attorney to file suit and let the courts calculate payout;

squeaky wheel gets the grease


Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on February 28, 2015 at 3:05

landownerPermalink Reply by Tommy Johnson on February 28, 2015 at 6:22

I have been following the process of this well since it was drilled back in 2010.  I get the Quarterly and stay up to date on its progress.  By my calculations it reached payout the middle of last August.  The payout department is telling me it may be the end of April or May before I receive any compensation.  My property is only 1.9 acres so I am not expecting a treasure trove of wealth, but being retired it could help a little.

RSS

© 2026   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service