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» Owner Relations

FREQUENTLY ASKED QUESTIONS

 

Does Eutaw Oil Exploration offer direct deposit (Electronic Funds Transfer) of royalty checks?

Yes. Call Eutaw Oil Exploration to request an EFT form. Fill it out completely and have all persons listed on the account sign and date the form. Include a voided check copy for the account you wish to have funds deposited in. Return the completed form to Eutaw Oil Exploration by email or mail.

How do I change my direct deposit information?

Call Eutaw Oil Exploration to request an EFT form. Fill it out completely and have all persons listed on the account sign and date the form. Include a voided check copy for the account you wish to have funds deposited in. Return the completed form to Eutaw Oil Exploration by email or mail.

When are royalty checks issued?

Checks are issued and mailed on or about the 25th of each month. If this day falls on the weekend or holiday, your check will be mailed out on the next business day. Direct deposits are generally made within two (2) business days after the royalty checks are issued. Oil revenue is normally paid within 30-60 days following the sales month and gas revenue is normally paid within 60-90 days following the sales month.

What is minimum pay amount?

An owner must accumulate a minimum balance in their account of $25 in order for a check to be issued. Amounts under the minimum pay amount are paid annually in September.

Where can I get a valuation of my mineral rights?

Eutaw Oil Exploration does not provide appraisals for interests. Please contact a certified petroleum engineer, a royalty management company or a broker to obtain a valuation.

How do I change my address (COA)?

Submit change in writing with your signature How do I add someone to my account? Provide Land Administration with a copy of the conveyance document establishing the new ownership that has been recorded in the county where the minerals are located.

What should I do if I do not receive my revenue check?

Due to potential postal delays, a revenue check may arrive a few days late on occasion. If you have not received a check by the 10th business day following the date of the check, please contact Eutaw Oil Exploration. You may also sign up for Direct Deposit (EFT) to eliminate these kinds of delays.

How do I make a change to my ownership?

The types of documents that can change ownership on a real property account include, but are not limited to, a Deed, assignment, court order, or a Death Certificate. In some cases, there may be a need to file more than one type of document to complete the process. The documents must be recorded in the county where the minerals are located.

If you have any questions about the preparation or filing of a document, you should consult with an attorney.

What should I do when a royalty owner dies?

If the owner left a will (Testate) and the will was probated in Mississippi, please furnish a copy of the Death Certificate, Letters Testamentary, Last Will and Testament and Final Decree of Distribution. All of the documents furnished should be recorded in the real property records of the county where the property is located.

If the owner died without a will (interstate), or if the will is not going to be probated, please furnish a copy of the Death Certificate.  This information must be recorded in the real property records of the county where the property is located.  Call Eutaw Oil Exploration to see if additional information is required.

I have transferred my interest to a trust. What do you need?

Provide Eutaw Oil Exploration's Land Administration department with a copy of the Trust Agreement along with a copy of the recorded Deed transferring the property into the trust, plus IRS Form W-9 for the trust.

What information is needed when there is a change in Trustee?

Provide Eutaw Oil Exploration's Land Administration department with a copy of the Trust document that identifies the successor Trustee, the duties and the powers of the Trustee, and the circumstances leading to the replacement of the Trustee. You may also need to complete and submit a Change of Address form, if needed.

What happens when the owner having a life estate dies?

Interest is transferred to the remaindermen. The Death Certificate and a copy of the Deed noting the life estate should be submitted to Eutaw Oil Exploration's Land Administration department. The remaindermen's addresses and and tax identification numbers are required, as well.

What happens when a joint tenant dies?

Interest is transferred to the remaining joint tenants. The Death Certificate should be submitted to Eutaw Oil Exploration's Land Administration department.

Where can I research unclaimed property?

Each state makes an effort to locate rightful owners of production revenues, holding the funds until the owner is found. To locate and collect unclaimed funds, please visit the National Association of Unclaimed Property Administrator's (NAUPA) website: www.naupa.org.

When are 1099 Misc Tax Forms mailed out?

Your 1099 Miscellaneous Tax forms will be mailed no later than January 31st. If the 31st falls on Saturday or Sunday, the IRS allows for mailing the following Monday.