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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I get 57-plus pages of details every month from Samson wells. The check last month was less than $100. Samson is charging for everything... so is Sabine. Check out this article from a few days ago. It's really sad.
http://nypost.com/2015/07/29/samson-resources-to-file-for-bankruptc...
What is amiss? Got 2 checks since June, I=One of the checks was a four figure the other is for a two figure check. Can't get anything out of them. And now Chapter 11. Just what does that mean to royalty owners.
Robert, it means you should consult with an O&G attorney to see what your options are to protect your mineral interest. If Samson follows through on their announcement to seek bankruptcy protection, you will not be the only mineral owner in your unit effected. In order to defray legal costs you should seek to act in concert with as many neighboring mineral owners as possible to ensure that you don't end up as an unsecured creditor.
Gale, don't expect Samson to release your lease. They will hold on to it as long as you and the bankruptcy court let them. You can wait and let the court decide on how to classify your lease, secured or unsecured debt. Or you can get the advise of an experienced O&G attorney as to what options are open for you to take action. Since every other royalty interest in your unit(s) will be in same boat it is best to discuss sharing one attorney and splitting the cost.
Your brothers can't make a demand until Samson stops paying them. Please keep in mind that Samson has not formally filed. They have only announced that they plan to do so.
Gale, Samson no longer sends me invoices either. They switched to the website Oildex. Have you signed up for that?
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