![]() Whenever oil and gas companies negotiate a lease, a part of the oil and gas production from the land goes to the landowner. The state government administers unclaimed funds from royalty payments for owners they cannot find or whose ownership is under dispute.Īs a result, these funds are considered Unclaimed Property according to the law, and the relevant data enters into state records. But in Oklahoma, it happens after 5 years. Simply put, unclaimed mineral rights are oil and gas rights and royalties belonging to an owner who has not claimed them for 3-10 years.Īt this point, the law permits the leasing operator (oil and gas companies) administering such oil and gas royalties to hand over the responsibility to the state.įor example, in Texas, unclaimed property is transferred from these companies to the state after 3 years. What are unclaimed mineral rights and oil and gas royalties? In this article, we help you understand how these unclaimed rights can be found and claimed. To file for unclaimed royalties (also known as production payment), you can make a claim yourself or on behalf of heirs. Unclaimed royalties amounting to millions of dollars are waiting for the rightful royalty owners to register claims. The state holds the cash in a suspense account – it does not sell the royalty interest. ![]() Who do you need to contact about unclaimed royalties or other oil and gas proceeds?Ī land or mineral owner, who does not receive a royalty check for 1-5 years, can have the funds turned over to the state.
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