Post by robb on Nov 14, 2010 6:49:38 GMT -6
I have tiny, tiny, fractions of interest in 7 oil wells in ND that have been pumping oil for up to 3 1/2 years for the oldest well. I've been trying to collect the money for the last 9 months. The largest impediment to getting paid is that my brother and I didn't sign the leases so all the proceeds belong to us less the cost of production + a 50% penalty of production costs. As of 3 months ago they were still trying to get us to sign leases, for wells that have been pumping oil for years already. Some of the leases look pretty attractive to me cash strapped as I am. I am sure they would pay them swiftly too, but I know they owe me more than the leases already and I don't want to be paid a lesser amount out of my own money they are already holding. Mostly the oil co's have been telling me they don't know me, but a week ago one of the law firms for one oil co. admitted that we own a share of that wells oil. Nice because the same co operates 3 of the other wells also. I still have to have my lawyer notify the oil co's that I want to be paid but the Dunn co. recorders office can't seem to get my original copies of my deeds in the mail, although they faxed my lawyer the deed showing it properly recorded 3 weeks ago. I'm running out of hoops to jump through. I'm not an oil and gas lawyer to be giving advice, but I would be more than happy to tell you where you can find information on the web. Oil co's don't play fair. They hire landmen who will tell the most outrageous lies to get you to sign a lease. Be warned, and do your homework if you are approached to lease your mineral rights. Robb
