Item Id: Paul-Gallagher03
Case Name: Paul, Mary Vyverberg (fka Mary Gallagher)
Case Number: 17 00498
Trustee:
Starting Minimum Bid: $1,495
eBay Auctions
Description: Oil & Gas well mineral rights near Rush Springs, Oklahoma in Grady County. Debtor holds interest in the rights and the royalties. The current Oil/Gas lease holder is Kaiser-Francis Oil Company of Tulsa, Oklahoma. The location is southwest of Oklahoma City
The Legal Description is (abbreviated): “Pendley #1-8 well located in the NE/4 of Section 8-3N-7W, Grady County, Oklahoma’
The lease operator is currently Kaiser-Francis Oil Company. The rights were formerly leased to Anson, and then Chesapeake Operating who sold the lease to Kaiser-Francis in 2005. Kaiser-Francis classifies the rights as an “assignment working interest’. Royalty payments to the debtor are unknown. The Account # is- 0695100, per Kaiser-Francis. The Assignment states Kaiser-Francis retains 34% of earned royalties to Investors/Owners.
Kaiser-Francis declined to provide potential estimates of the past two years payments on the account as they reclassified the debtor account as ‘non-consent’ due to returned mail. They have stated royalties were not calculated as a result. Due to ill health, the debtor has stated royalties were received previously to 2016 but she does not recall the amounts. Drilling and production continues per the County Assessor.
The debtor has been in ill health for two years and did not provide forwarding addresses to her investments and leasing contracts. As a result, payments/invoices were returned to the Sender who placed a hold on the account by the leasing firm. For this reason, royalties are unknown through 2016 as payments ceased when USPS mail was returned as undeliverable.
The deed is in the name of the debtor’s late husband and was inherited by the debtor. A copy of the Will and Death Certificate will be provided to the winning bidder for recording with Grady County. This auction is for 100% ownership.
Location Info: The location is southwest of Oklahoma City
Liens: We do not know of any other liens.
Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..