Like most commodities, crude oil is produced in widely differing “qualities.” For example, much of the crude oil produced in the field contains sulfur – sometimes in very high quantities. To refine this high-sulfur crude oil obviously costs more than for what is termed “sweet crude oil” and this incremental refining cost is deducted from [...]
WHAT TO DO WHEN AN APPRAISAL IS REQUIRED? As compared to an outright sale, this alternative is far more problematic. As I have already discussed, the oil and gas purchasing companies are usually prohibited by company policy from giving out a determination of value of an interest. In most instances, it would merely be an [...]
The final Crude Oil and Natural Gas Prices are in for April 2009 and continue to look pretty scary! The effects of the world wide recession (some still use the “D” word) on energy consumption coupled with excess supplies, especially of natural gas here in the United States, continue to drive down current and futures [...]
Russell T. Rudy is a third generation oil and gas mineral, royalty and overriding royalty interest buyer. We are not brokers and never buy oil and gas interests for the purpose of repackaging and resale, but rather accumulate interests for our own account. In all of the years that Russell T. Rudy, his father Ellis [...]
If you have an interest in only a few properties and you can provide sufficient supporting documentation such as check stubs, Division Orders and/or Pay Statements from the oil/gas Paying Company, we can generally have an offer to you within three (3) days. This is certainly true when you are additionally able to supply a [...]
Once you provide us with the necessary documentation discussed above, we will be able to prepare the conveyance instruments and transfer documents. After you execute (sign) the conveyance instruments in front of a witness and have your signature(s) notarized, we will ask you to execute a transfer letter which will only need to be witnessed. [...]
Once we receive the conveyance instrument(s) and transfer document(s) – and each is properly signed, witnessed and notarized – we will forward payment either by mail, overnight delivery or wire transfer the next business day.
After you receive payment for our acquisition of your oil and gas interest, we will record the conveyance instruments in the appropriate County Records – upon our receipt of the recorded documents from the County Clerk(s), we will provide a copy to you – this will be your record of our transaction and that your [...]
Yes, we are required to report the ale amount of our transaction to the Internal Revenue Service and submit a 1099 to you. We are also required to withhold thirty (30%) percent of the sale amount if you do not provide us with your Social Security Number/Taxpayer Identification Number.