01

What does the detail on my check mean?

 

• Owner Name:  Name of interest owner

• Payment Date:  Actual date that check is issued

• Payment Number:  Check number

• Well Name:  The name of the well from which oil and/or gas is purchased

• Reference Number:  Our tracking number for accounting and payment purposes

• Sales Date:  Month and year oil and/or gas was purchased

• Property Interest:  Total purchase information for well(s)

• Quantity:  Total volume of the product purchased on the lease

• Avg Price:  Calculated price on current month's sales

• Property:  Gross value divided by quantity

• Gross Value:  Total value of sale on that property

• State Tax:  Severance and other production taxes paid to the State where the lease is located

• Property Net Value:  Total value minus all taxes

• Owner Decimal Interest:  Identified ownership interest in lease.  Used to calculate owner's share of property sales and taxes.

• WI:  Working Interest

• RI:  Royalty Interest

• OR:  Overriding Royalty Interest

• Owner Gross Value:  Owner's share of property gross value prior to any deductions (property gross value multiplied by owner's decimal interest)

• Owner State Tax:  Owner's share of state taxes paid on sales (severance and other production taxes) multiplied by owner's decimal interest

• Owner Net Value:  Owner's share of sales after all deductions and adjustments

 

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02

When will I receive my 1099 forms, and what if I need an additional copy?

 

1099 forms are mailed by January 31st yearly.  Effective April 15th, if you require an additional copy, please send a cashier's check or money order for $5.00 for each copy requested.  Include your owner name, current address, telephone number, and the year of the 1099 requested.

 

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03

When should I receive my royalty payment?  What do I do if I have not received my check?

 

Royalty payments are mailed by the 10th of each month from Oklahoma City, OK.  For questions regarding royalty checks, please call 844-514-LROG (5764) between the hours of 9:00 AM and 11:30 AM Monday through Friday.

 

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What do I need to do in the event of a death or transfer of ownership?

 

For change of ownership due to death, please furnish copies of all documents associated with the transfer including death certificate, wills, probate, final decrees or any other applicable documents.  For transfer of ownership interest, please send a copy of the assignment and/or deed which has been recorded in the county where the property is located.

 

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