Hi David, Thanks David for your fast reply, and info, I can put my mother's mind at ease now as she was told royalty's would be right away. I did see the "Hearing Docket" button on the web site but spent most of my time looking at the Scout Ticket Data, and your news makes perfect sense. As most of you all know much of the info the elderly are told is "hear say" that some how is taken as truth, she was convinced something was wrong...... I guess after seeing the oil activity ramp up only to pull out several times in her life might have something to do with her concern.
Does it make any huge difference when minerals are put into a trust or LLC aside from the tax issues, as I know the minerals must clear the oil company's law department? Thanks again, I can tell you she will sleep better tonight. On Oct 3, 4:52 pm, David <[EMAIL PROTECTED]> wrote: > Generally figure 5-6 months between when the well first goes into > production and the first royalty payment. The first royalty payment > will be for the first 2-3 months of production. > > Watch for the pooling interest hearing for your well on the dmr > dockets sitehttps://www.dmr.nd.gov/oilgas/docketindex.asp > > The royalty payments generally show up in your mailbox 2-3 months > after the hearing date > > On Oct 3, 4:07 pm, Palermo <[EMAIL PROTECTED]> wrote: > > > > > Hi, > > First many thanks for you taking the time to discuss issues and > > sharing with the helping newbie's. > > > Some background: > > Our family own a farm several miles south of Palermo (homesteaded by > > my grand father, purchased by my parents n the 40's) I take care of > > it for my lmother who is late 80's. We own all the minerals which are > > leased it. It was drilled in July, frac'd in Aug. and seems to be in > > final the completing stages. The tanks are in place, rod pump > > pumping, elec panel in place, flaring gas, trucks going in and out, I > > know many are hauling salt water along with the oil. I see that it > > comes off the confidential list the end of Dec.. I've been watch this > > area on the ND state subscription web site trying to learn all I can, > > and naturally excited for the region (I live out of state, but return > > as often as I can 2-3 times per year minimum) except for the roads (I > > feel the oil company's perhaps might help out a little with the > > damage, but that is just MHO) this area deserves this, and I trust it > > will help the area. > > > My question is we've heard nothing, we do know there is oil, but it > > could be 100 Bbls/day to 500, just have no clue, we do not have any > > idea about the IP or a clue about the process going forward. I do > > read this blog daily, I assume at some point there will be a division > > order required singing. > > > May I intrude upon you to explain the process going forward we might > > expect? As you might expect my mother is anxious about things. Most > > all her friends are also in her age group and they do not either > > understand or simply get things wrong. Her only scource is the > > "Promoter" ( I love the color in the last issue), and what ever I can > > find on the ND web site. > > > From friends we were told after the Frac process there was a little > > sand issue, they think now has been fixed, other than that we know > > nothing and do nor know what to expect. > > > Sorry for the wordy thread, but I know do details matter. > > > Questions: > > When and what should happen going forward, naturally her interest at > > her age is the expected date for royalty payments to start as these > > would really help her life. > > > If this ends up a meaningful producer at what point should the > > minerals be moved into a trust or an LLC? I know there will be a very > > complete title exam and was told not to do anything till at least an > > IP# was announced, better the first royalty payment. > > > I know many of you good people have been through this process, if you > > could share some of the timeline, and what to expect I'd appreciate > > it. > > > Again thanks for all your great group work.- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Bakken Shale Discussion" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/bakken-shale-discussion?hl=en -~----------~----~----~----~------~----~------~--~---
