OWNER RELATIONS

Frequently Asked Questions

If you own interest in an oil or gas well, you likely receive a check or statement every month from the operator of that property. Operators often hire a company like PetroLedger to help them with their accounting. These checks may look like they are coming from us, but, if you look closely, you should see the operator’s name there, as well. Because of the work we do for them, we are able to help you with most questions you might have, including all of the ones below, but from time to time we may advise you to contact the operator directly if your question doesn’t directly relate to the services we provide for them.

BASIC INFORMATION

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How can I change my mailing address?

This is an easy one! All we need you to do is confirm the old address, and provide us with the new address and the last four digits of your TIN or SSN.

Can I get copies of my check detail statements and 1099s?

Of course, but we need a few things from you to make sure we get you the right information. Using our contact form, provide us with your Name, Owner Number, Payor and your email address. We also need to know what tax year you’re wanting the statements for.

Remember: the Payor is the operator or company sending you the checks or statements (not us, we’re just helping them out with the paperwork). We know you knew that, but that other guy didn’t, so we have to say it…

Can I add an owner to my Owner Account?

Yes, but we need you to send us a copy of the conveyance that has been recorded in the county where the well is located, to make sure it’s all on the up and up.

Whom should I notify if my name has changed?

If you send us a copy of the legal document making the change (ie divorce decree or marriage license) we can update your checks and statements.

How often do revenue checks go out, and when should I receive mine?

We mail these out monthly, but each operator is on their own cycle. Contact our team and tell us your Owner Number and the Payor name and we can tell you when to expect it.

What if my check is lost or stolen?

If a check is lost or stolen, we’ll stop payment on it, and will typically¬† add that amount to the next month’s check. Or, if you need us to issue a replacement check, we can do that too – just let us know!

This also goes for checks that have become outdated (because life happens…).

Who uses checks anymore? Can I use ACH or Direct Deposit?

Oftentimes, yes, but this varies by operator, so reach out to our team if this is something you want. Each one is a little different, but all of them will require a valid email address and either a voided check, deposit slip, or a mechanically-generated image of the routing and account numbers.

OWNERSHIP CHANGES

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I am selling my interests in a well. What now?

Easy! Just send us a copy of the conveyance document that you recorded with the county where the well is located.

A family member left me their ownership interests when they passed away. What do I need to do?

This one can be a little more complicated…

If there is a will, we need a copy of both the death certificate and the final distribution/decree from the recorded probate. And if probabe occured in a different state, you will need to file a copy of that final distribution/decree in the county where the well is located.

If there is not a will (intestate), then please provide us with the death certificate and an affidavit of heirship, which will need to be recorded in the county where the well is located. Depending on the size of the interests or estate, we may also require that the estate be probated.

If the owner had a life estate, we will need the death certificate and the recorded conveyance document (which should indicate the remaindermen).

I am placing my interests into a trust. What do you need from me?

For this one, we would need the conveyance recorded in the county where the well is located (which should name the trust as the recipient) and a copy of the trust agreement.

To change the trustee at a later time, send us a copy of the recorded documentation identifying the new trustee.

Likewise, if a guardian has been appointed for an owner, we would need a copy of the letters of guardianship issued by the local court.

I just want to transfer my mineral interests. Can you help me?

Yes, but each case is inevitably different. Email our Division Order Team at xxxx@petro-ledger.com and we’ll walk you through it.

I have an appointed Power of Attorney for my Owner's Account.

Well, that wasn’t a question, but send us a copy of the Power of Attorney or Attorney-in-Fact document that was recorded in the county where the well is located.