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 it's 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. The 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 2H 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 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. That's why you're seeing all of November and all...
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Oil royalty inheritance Form: What You Should Know
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