The Oil Business According to Steve! Oil & Gas from Cradle To Grave: The Prospect Recently I was reflecting on the complexities of the oil and gas business: seismic data, geologic mapping, oil and gas royalty ownership, horizontal drilling, production facilities, refining … the list goes on! “Why so complicated?” Well, it’s a high tech,…
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5 Quick Facts about Oklahoma Pooling Having your minerals pooled into a drilling unit in Oklahoma is very common and is becoming increasingly more and more common, especially for smaller tracts of lands. Here are five quick facts about pooling in Oklahoma. In lieu of a lease Pooling is the operating company’s remedy for obtaining…
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Oil Royalty Appraisal If you have ever been tasked with getting an appraisal for oil and gas royalties or mineral rights, you understand the challenges of finding a firm that provides these kinds of services. Appraisals are often needed to determine a value for the sale of a company’s assets or the distribution of a…
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Mineral and Royalty Sales For over 20 years now Legacy Royalties has been purchasing royalties and mineral rights. Many times the seller is someone we have done business with in the past. Why the repeats? We believe it is because we always give our best offer, we keep the process of selling royalties simple for…
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What does falling oil and gas prices mean for oil and gas royalty owners? Well firstly, it means we get a long awaited break at the gas pump next time we fill up our car and our heating bills will be lower this winter as we run heaters and light up the gas logs. As…
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We often get asked about missing oil and gas royalty revenues. Usually, the request comes from a descendant that recalls grandma receiving checks from an oil and gas company long ago. The most common reason oil and gas royalties go MIA is because the owner has passed away. Once the oil and gas company paying…
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Mineral owners with producing properties are familiar with receiving oil royalties or natural gas royalties. But what about all of those other product codes on your royalty check? Most commonly, royalty owners refer to themselves as having oil and gas rights or owning oil and gas royalties, but oil and gas are general terms that…
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Why avoid probate? Well, it’s long, it’s costly, and mineral and royalty estates can add some additional challenges, especially if the properties are located in a different state than where the decedent was domiciled. Probate is typically administered where the decedent established their home. The estate is subject to the requirements of that particular jurisdiction.…
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HELPFUL TERMS Listed below are general definitions commonly used in the oil and gas industry: GENERAL OIL & GAS DEFINITIONS ASSIGNMENT The legal instrument whereby Oil and Gas Leases or Overriding Royalty interests are assigned/conveyed. ASSIGNEE The person to whom Oil and Gas Leases or Overriding Royalty are assigned. ASSIGNOR Person conveying Oil…
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HELPFUL TERMS Listed below are descriptions of different oil and gas deeds as well as definitions of estate and probate terminology commonly seen when transferring oil and gas royalties from estates: OIL & GAS DEED TERMINOLOGY JOINT TENANT DEED Transfers undivided co-ownership to two or more people whereby, upon the death of the…
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