Hope I am posting this in the right forum!
This is all new and exciting to me!
I just signed and mailed my Division order back to Chesapeake. What is the next thing to do? (Hurry up and wait)?
The land that I am asking about is in De Soto Parish. (Mansfield,La).
The land that I have an interest in is located in Mansfield,La
It would be associated with "Smith". The property name is Calhoun
If anyone would kind of give me some advice on what to expect,please reply.
Thanks for replying so quickly.
Clinton, the well began producing in May.
Chesapeake, Calhoun 7 #H1 Well, Serial #239433, S7-T12N-R12W, DeSoto Parish, 8520 Mcfd, 16/64" Choke, 4040 psi Flowing Pressure
Congratulations..now right now before you cash the first check..go to your bank and arrange a separate account to deposit 33% into it for your taxes. Do not fail to do this..True story ..a neighbor showed me her first shale check (she now had 5 wells) and I told her the same thing.
She didn't do it.
Bottom line..she owes taxes..and IRS has attached her checks until the tax debt is paid..you cannot plan to pay taxes on next months or next quarter's royalties. Spend the gross and you will suffer later.
Put the money aside and enjoy the rest worry free.. Oh and see a tax man.
Very good advice - you can't get out of death and taxes.
do you only get Division Orders when you own the land also -do you get them if you just have mineral rights?
thank you so I should get them for my mineral rights if and when smething happens. Sorry to sound so vague - i found out i have some legancy minerals and don't have a clue.