Hey Rufus, Thanks for the great info, and sharing your links. I have spent hours reading threads on this blog and have learned alot and will take your advice and continue reading the wisdom here. Kinda hard to known what to expect never having have been through it before.
Thanks for the best wishes, but I have to say I am also old enough to know any production would be wonderful. Like many I am sure I just wish my father was alive to see or know of the Bakken. You know,while I live out of state I dearly love my time at our farm, and the grain. The people/neighbors we've known for 2 generations, are wonderful people to say the least. I will end here as I do not want to make a run at the "Verbose Turkey" award just yet! Thanks On Oct 3, 6:48 pm, "Rufus O'Malley" <[EMAIL PROTECTED]> wrote: > Hi Palermo and welcome to the board. > Congrats to you and your family on the well, btw. I understand exactly > where you are at as my mother is in her mid-80's also. > As David mentioned above, the timeline can vary abit. If my > understanding is correct after the well is producing for 5-6-7 months, > then the NDIC commission will have the final pooling hearing - that > is, a hearing to finalize exactly what area in the drilling unit > comprises all of the royalty owners in the unit. Then the oil > companies go through another round of title checking on those royalty > owners and doublechecking the facts and figures of mineral ownership > royalty percentages. Once the oil company is satisfied (and this > phase can also be delayed if there are questionable holdings, or if > mineral owners are still be tracked down, or for any one of a dozen > other reasons), then the Division Orders go out the each mineral owner > or mineral trust trustee for signature. No checks are cut until the > mineral owner agrees that the division order is acceptable, signs it > and returns it to the company. > To my knowledge, you can put the minerals in a trust at any time, and > then apprise the lease-holding company of the change in mineral status > -- it is my understanding that it does not affect the lease... but DO > check with your legal council, please. > For addtl info, i suggest cruising backward through this blog's > topics, (seriously) stopping along the way to read threads that have > tons of info in them ... > another informative site iswww.americanroyaltycouncil.com (although > it is targeted to OK and Tx -- still good info) and also National > Assoc of Royalty Owners website - that does require a > subscription... > If you post your well name or the section-township-range, some of the > folks here 'hear things' or 'know things' or can 'look up things' in > resources not on the web or by subcription to the trades ... I don't > personally subscribe to any at this time ... > and Don't apologise for 'wordiness' -- I think I have the 'verbose > turkey' award on my mantle! > all the best, > Rufus > > On Oct 3, 6:52 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 -- 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 -~----------~----~----~----~------~----~------~--~---
