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Video instructions and help with filling out and completing Oil royalty inheritance
Instructions and Help about Oil royalty inheritance
Let's talk about oil and gas royalty statements if you're just starting out this can be a little bit confusing but I think if we just go through this once it'll become pretty clear that it's really easy to understand so there are three parts to an oil and gas royalties statement if you have the basic information of the operator and the well and what its located and who they are and the name of the numbers city and county and everything you also have the gross and net numbers related to how much the well produced and how much it made as a whole and then you have your individual numbers your owner's specific information and this is where those numbers are multiplied by your decimal interest to show you exactly how much of the whole production is yours first section is the property now this is the name of the well and you might have several wells in your statement or you might have just one in this example there's only one well and you can see under property that there is an identification number there's a name and there's a well number like 2 H is a second well that's drilled there and H stands for horizontal well if you keep going across you'll see the county and the state in this example we're looking at Young County Texas production date is the date of production for that well in this statement this is this statement shows two months production because the ownership is very small and so the check is too small it has to be $100 for this producer for them to send a check out so it takes every like two months they'll say to check out so that's why you're seeing all of November and all of December's production in this check so if we look at new production date 11:18 is so November 2022 12:18 is December 2022 so that's pretty easy to understand the next section over is the loyalty type so there are different types of royalty interest you can have royalty interest you can have overriding worlds you can test your going to working interest there's some other types as well but that's the arm of the scope of this video so I'll do that I'll cover that in another video the next section is unit price this is the price that Nadel and Gusman sold the product that came out of the well like for example the price of oil that month when they sold this was fifty five dollars and fifteen cents per barrel so if you multiply the price for oil with the volume you will get the gross revenue of the well so that is how much revenue the well generated without it taking into account taxes or other deductions or costs the next section is the owner DDI this is your decimal interest in the well it's the percentage of ownership that.