Oil & Gas Mineral Rights with Lease near Cole, McClain County, Oklahoma!

Description

Item Id: Paul-Gallagher04
Case Name: Paul, Mary Vyverberg (fka Mary Gallagher)
Case Number: 17 00498
Trustee:
Starting Minimum Bid: $1,295

Description: Oil & Gas well mineral rights near Cole, Oklahoma in McClain County. Debtor holds interest in the rights and the royalties. The current Oil/Gas lease holder is Veenker Resources of Oklahoma City, Oklahoma. The location is south of Oklahoma City

The Legal Description is (abbreviated): “Sharp #1-8 well located in the center of the SE/4 SE/4 NW/4 of Section 8-7N-3Wm McClain County, Oklahoma’

The lease operator is currently Veenker Resources. The rights were formerly leased to Anson. Veenker classifies the rights as an “assignment working interest’. Royalty payments to the debtor are unknown. The Account # is: #04834, per Veenker Resources. Veenker has stated the Owner/Investor owes $12.85 as of 8/30/18 for drilling fees.

The Assignment states the debtor holds 2.20% of an undivided 28.363122% of the working interest rights.
Veenker declined to provide potential estimates of the past two years payments on the account as they reclassified the debtor account as inactive 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 since 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 McClain County. This auction is for 100% ownership.

Leasing Statements
Veenker Statements

Notes: A document preparation fee of $275 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms (to view terms, click “Terms” tab in Seller Store header at top of ad).

Bidders should familiarize themselves with BKAssets.com policy regarding ‘Proxy Bidding’ (see ‘Bidding Guide’ on BKAssets.com Home Screen). BKAssets is not responsible for connectivity issues, or Internet transmission times, when submitting an auction bid near the close of auction. The auction process does not extend past the set close time of the auction and bidders are solely responsible for the timing and receipt of their bids if they elect not to utilize Proxy bidding.

Legal Info: By Order of the United States Bankruptcy Court, Bkassets.com sells this and any other property “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the title, the condition of the property or rights or drilling lease, or any liens or encumbrances against the unit. The buyer will be entirely responsible for this property after the sale including but not limited to: paying any fees/costs associated with this property, paying all fees/liens (if any), recording/transferring the title and gathering any paperwork/documentation necessary for that process. Seller and trustee are NOT appraisers or oil/gas brokers. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment or deed as required by McClain County and contact information at Veenker Resources. All the information as to the item description has been provided by the court. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.

Payment Info: $U.S. Money order, certified check, cashier’s check. BKAssets may also accept “Bill Pay” from Wells Fargo, Bank of America, Chase, Citibank, a local regional bank or Credit Union. If you would like to use “Bill Pay,” but do not bank at one of these establishments, please call BKAssets prior to sending payment.

A document preparation fee of $275 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.
Shipping Info: Shipping is free to all buyers in the United States. International bidders are welcome, please contact BKAssets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.

Liens: There is a total due in past due drilling fees in the amount of $12.85 per Veenker Resources. We are not aware of any liens

Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..