- I have a question about my royalty check. Whom do I contact?
- Royalty/Interest Owner Relations
- What is a division order?
- A division order is an authorization for payment by the owner directing the payor to pay the owner in accordance with the decimal interest set out in the division order. The owner should always verify the accuracy of the information contained in the division order prior to signing and returning the instrument. The owner must provide the correct Social Security number/tax identification number to the operator to avoid suspension of interest and the deduction of back-up withholding as required by the Internal Revenue Service. The owner should maintain a copy of the division order for future reference.
- How do I transfer my interest in a property?
- Interest may be transferred by a recorded instrument of conveyance. The conveyance must be recorded in the county where the property is located. CIMA must receive a recorded copy of the conveyance to transfer interest and issue division orders. You may want to have your attorney prepare these documents. If transferring to a trust, please provide a copy of the document appointing the trustee.
- What happens if I change my address or marital status?
- Address changes must be received in writing. Please send changes to CIMA ENERGY, LTD., attention Division Order Department. Include your name, old address, new address and signature. Please include your owner number and Social Security number for verification. Please send a copy of your marriage certificate to update your name as a result of marriage or a copy of your divorce decree as a result of a divorce.
- What happens when the interest owner of a property dies?
- Once notified, the deceased owner revenue will be held in suspense until receipt of the proper probate documents or affidavit of death of heirship is received. Upon notifying CIMA, you will be sent a package describing what must be received to transfer the interest from the deceased owner to the appropriate parties.
- Where can I research unclaimed funds?
- Each state makes an effort to locate rightful owners of production revenues through a single organization, holding the funds forever until the owner is found. To locate and collect unclaimed funds, visit the National Association of Unclaimed Property Administratorsí (NAUPA) website at www.unclaimed.org.
- What type of annual statements will I receive?
- Royalty interest owners receiving more than $10 and working-interest owners receiving more than $ 600 annually receive IRS Form 1099. This summarizes your total payments and tax withholdings for the previous year.
- What do I do if my check is lost, stolen or becomes outdated?
- Please call 713-209-1112 and ask for Division Order Department.
- When are royalty payments suspended?
- For your protection, payments are suspended upon a title dispute, the assignment of interest, notice of death, transfer of property or in the event of no known address. Keeping your information current can prevent this inconvenience.
- Which state regulatory agency can I contact regarding my property?
Texas Railroad Commission
Louisiana Office of Conservation
Oklahoma Corporation Commission
- When will I be paid?
- Most royalty owners will receive a monthly check. Small amounts are accumulated and paid as stated in your division order, usually $100, or once a year. Most states also have laws that affect this policy.
- How much is my property worth?
- Due to the many variables involved in determining the estimated value of your property, we cannot provide such valuations. We recommend that you contact the operator of your property or an oil and gas broker in the area where the property is located in order to obtain this type of valuation.
- Can you provide me with the form I need to convey my interest?
- Unfortunately, we are unable to provide forms for conveying oil and gas interests. However, you may contact an attorney, legal aid society, or your local bar association for assistance in handling these matters.