Item Id: Paul-Gallagher02
Case Name: Paul, Mary Vyverberg (fka Mary Gallagher)
Case Number: 17 00498
Trustee:
Starting Minimum Bid: $1,595
Description:
Oil & Gas well mineral rights near Plainville, Steele Township, Indiana in Daviess County. Debtor holds interest in the rights and the royalties. The current Oil/Gas lease holder is CountryMark of Indianapolis, Indiana. The location is near Terre Haute, IN, which is located in southwest Indiana
The Legal Description is: “Beginning at the northwest corner of a plot of land (and runs for four pages) along with ‘Plainville Units 8 & 13………..southeast quarter of Setion 2, Township 4 North, Range 7 West……………………..’
The lease operator is currently CountryMark Cooperative. Royalty payments to the debtor averaged $419.92 on a quarterly basis through to 4Q16. The Account # is- 132853. The Lease # is 21046, and is still active. Drilling and production continues per the County Assessor.
CountryMark maintains a contractual relationship with Gwaltney Drilling (or Washington, IN) who provides drilling services for CountryMark at the Plainville #8 site. The fees for this drilling are billed to each investor by Gwaltney. The debtor was paying $3.00-$4.00 monthly (on average, per Gwatney) for their share of the drilling services. The last payment made by the debtor was in 1/2017. The account with Gwaltney and the CountryMark lease is due $89.36 as of 6/30/18. This must be paid to Gwaltney before CountryMark resumes royalty payments when earned. The Gwaltney Customer # is 2250 on the account for the debtor.
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 only known 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 Daviess County. This auction is for 100% ownership.
Location Info: The location is near Terre Haute, IN, which is located in southwest Indiana
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..