SERVICING YOUR INTEREST OWNERSHIP
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Clearing the Title
If oil and gas can be produced in commercial quantities, interest owners are
responsible for clearing title to the oil, gas, and mineral interest ownership
for production on the property.
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Receiving a Division Order
After title is cleared, Division Orders will be issued to the interest owners
for signature. The Division Order includes the name of each interest owner,
the decimal interest for each interest owner, a legal description of the
property, and the operator's name. When this procedure is completed, revenue
payments will begin.
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Receiving a Transfer Order
When an ownership is being transferred between parties, Transfer Orders will be
issued to each party for signature. The Transfer Order includes the name of
each interest owner, the decimal interest for each interest owner, a legal
description of the property, and the operator's name. A W-9 may also be
required from the new interest owner. When this procedure is completed,
revenue payments will begin.
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Change in Ownership
Changes in ownership are common during the life of the well. Written
documentation is required for any change in ownership. For example:
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Transfer of assignment of interest to another party
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Change in marital status
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Death of an interest owner
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Changes to a decimal interest
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Changes in property boundaries or description
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REVENUE PAYMENTS
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Taxpayer Identification Number
Federal law requires that each interest owner provide a taxpayer identification
number (TIN) for the owner account. For most individuals, the TIN is your
social security number. For other owners, the TIN is the employer
identification number. Failure to provide the appropriate TIN could result in
28 percent being withheld from your revenue checks for federal income taxes.
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Suspended Revenue Payments
Occasionally revenue payments are suspended for the interest owner's
protection. Some examples of when suspension might occur are:
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When we do not have your current mailing address
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When the title to your interest is disputed or in question
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When an assignment or transfer of your interest is pending
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Upon notification of the death of an interest owner
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Address Changes
Address changes must be provided to us in writing by letter or email for your
protection. Requests will be accepted by telephone but must be followed up in
writing before any changes will be made. Send email changes of address to
debbell@woldoil.com
.
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OTHER FREQUENTLY ASKED QUESTIONS
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What is a Division Order?
A Division Order is a document signed by the interest owner verifying to the
purchaser or operator of a well the decimal interest for that owner. It also
requires the interest owner to provide the owner's correct mailing address and
tax identification number.
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What is a Transfer Order?
A Transfer Order is a document signed by each party involved in a transfer of
interest ownership verifying the transfer. The same information is required as
for a Division Order.
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How do I transfer my interest in a well?
A deed or assignment must be prepared to transfer your interest. You may wish
to consult with an attorney for preparation of this document. A recorded copy
of that conveyance must then be provided to Wold.
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What happens if I change my mailing address or marital status?
Address changes must be provided to us in writing by letter or email for your
protection. You should include your name, old address, new address, owner
number, tax identification number and signature. For changes in marital
status, a copy of your marriage license or certificate must be provided.
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What happens when an interest owner dies?
Once Wold Oil Properties, Inc. has been notified that an interest owner is
deceased, those interests are suspended pending receipt of proper documentation
of the interest owner's death and identification of the proper heirs. Such
documentation might include a death certificate, will, or other documents
relating to the interest owner's estate.
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Where can I search for unclaimed funds?
Each state now makes an effort to identify and locate the owners of unclaimed
monies. To search for unclaimed funds, please visit the National Association
of Unclaimed Property Administrators' (NAUPA) website at
www.unclaimed.org
.
For the State of Wyoming Unclaimed Property Division's website see
http://treasurer.state.wy.us/unclaimed.asp
.
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What is the difference between a royalty owner and a working interest owner?
A royalty owner shares in production revenue while a working interest owner
shares in production revenue and development and operating expenses on the well.
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Why are my monthly payments sometimes different?
Many variables affect your monthly revenue payments such as market prices for
oil and gas, diminished production, and weather conditions.
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Why is my monthly payment different from other family members?
Sometimes ownership interest between family members is not equal or some family
members may have ownership interests in other wells for which they receive
production revenue.
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How do I clear the title to my oil and gas interests?
When a well is first drilled, an attorney will prepare a title opinion of the
ownership of the well based on a thorough search of the county records. If
there is a question regarding ownership of title, the attorney will notify the
operator with the requirement needs to clear the title question. The operator
will, in turn, notify the interest owner of the problem and suggested
resolution. At that point it is up to the interest owner to clear the title
and provide proof to the operator.
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When are revenue payments suspended?
For the protection of the interest owner, revenue payments are suspended when
there is a title dispute, the interest is being assigned or transferred to
another party, the interest owner is deceased, or no current mailing address is
available for the interest owner. It is the responsibility of the interest
owner to notify the operator and/or purchaser of any changes in ownership,
address, or marital status.
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Where can I get information on the value of my oil and gas interests?
Wold Oil Properties, Inc. is unable to provide valuation for estate purposes.
You would need to contact someone who specializes in that area, such as a
petroleum engineer.
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When are revenue checks mailed?
Wold Oil Properties, Inc. mails revenue checks around the fifth of each month,
varying for weekends and holidays.
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What does the "Other" column on my revenue check represent?
The "Other" column represents different things for different fields. For Austin
Creek, Finley Draw, Taylor and Ross fields, the "Other" column represents
processing deductions. The Big Sand Draw and Long Creek fields have a state
severance tax adjustment in this column.
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