OKLAHOMA MINERAL INTERESTS
Oil and gas production in Oklahoma seems to be somewhat cyclical and regional. As such, unless there is current production and/or Oil and Gas Leases were signed recently, owners of Oklahoma mineral interests sometimes ‘forget’ about them.
Oklahoma mineral interests become ‘lost’ for many reasons, and here are some of the most common ones:
- owners move to a different address and do not update land records.
- former Oklahoma residents move out-of-state and do not keep good records of these interests.
- due to advanced age and/or forgetfulness, owners are not actively keeping up with these assets.
- some owners who may have dozens of interests may lose track of one or two over the years.
- owners who have inherited or bought the mineral interests many years ago forget to include them in their Estate Planning documents.
- heirs of owners of Oklahoma mineral rights forget, or do not know, to include these assets when administering the estates of their loved ones.
- people and organizations may inherit mineral rights without knowing it, via an owner’s Last Will and Testament.
It is important to note that in order to effectively transfer title to Oklahoma mineral interests through probate, such proceeding must occur within the state of Oklahoma. An Oklahoma probate is needed even though the owner may have had a probate proceeding in another state.
If you believe that you and your family own mineral interests in Oklahoma, and you don’t know where/how to start looking, please Contact Us for a FREE consultation. Our firm would love to help you locate ‘lost’ interests and regain ownership.
UNCLAIMED PROPERTY/SUSPENDED FUNDS
When mineral operators do not have current information or when new companies find outdated land records, the accounts may be placed in suspension. In addition, the related funds are often sent to various entities to be held in the owner’s name.
Our firm would love to help your family recover these ‘lost’ mineral interests and related funds. As part of the process, we also notify the oil operators about the ownership or address change to ensure that the right persons are in pay-status.