When Are Royalty Payments Suspended?
Royalty payments may be suspended until certain conditions are satisfied. Generally, royalty payments may be suspended for reasons such as a missing Tax ID, incorrect address, assignment of interest, notice of death, lack of documentation/title confirming ownership, or disputes involving proper division of interest or ownership of interests in the minerals produced.
Amounts due are accumulated and released when a resolution has been reached and all related documents have been received and processed.
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When are Payments Issued?
Urban mails payments on the 25th of each month when the balance of your account has reached $100, or will be paid annually, whichever occurs first. If your account balance is less than $100.00, there will be no check issued that month. Smaller ...
Where do I send JIB Invoice Payments?
Please note our lockbox for payments has moved to a new location as of January 1, 2023. Therefore, please change the information in your records and send all future JIB payments to the address below. Please Remit Payment To: Urban Oil and Gas Group ...
Why does my royalty check amount vary?
Various factors will affect your royalty check, including: Fluctuating commodity prices Normal production volume declines Operational issues that may affect production volumes Volume or price revisions may require prior period adjustments (PPAs). If ...
Why was my royalty payment adjusted?
Royalty accounts are subject to Prior Period Adjustments (PPAs). There are many factors that may result in a prior period adjustment, such as: Revised production statements from the property operator Revised plant statements from a plant operator or ...
My 1099 shows more than I received on my royalty checks
We are required by the IRS to report the gross amount on your 1099-MISC and 1099-NEC. Your royalty checks reflect the net amount received after taxes and deductions. All the information to get the net (check) amount is provided from your revenue ...