Tulsa, OK (PRWEB) July 31, 2008
In the wake of the economically disastrous SemGroup meltdown, there is a ray of hope for owners of Oklahoma royalty interests - if they act within 90 days of a missed royalty payment from a SemGroup first-purchaser affiliate.
Oklahoma statute (§52-548.4) provides for an automatic security interest and lien against oil or gas sold from a well, for unpaid royalty interest owners.
The catch is, they must file a verified notice of lien within ninety days from the time the payment was due, in the courthouse of the county where the well is located. Otherwise, the security interest isn't perfected and the interest owner does not have priority over any perfected interest in the same proceeds.
Because of the multi-million-dollar economic impact of the SemGroup bankruptcy on the state's 200,000+ royalty owners - many of whom are living on a fixed retirement income and highly dependent upon royalty income for survival - information about this little-known legal lifeline needs to reach as wide an audience as possible.
"It is paramount that our members know of this statute and proactively work to protect their interests. This supersedes other creditors and will ensure that royalty owners are first in line to recoup any payments in the SemGroup bankruptcy filing." Stated Jerry Simmons, Executive Director of NARO (the National Organization of Royalty Owners) "Royalty owners also need to understand that this proactive step does not ensure they will recoup payment but if they don't take action they will surely loose out."
For more information on NARO, visit http://www.naro-us.org.
For Interviews, contact Jerry Simmons, Executive Director of NARO at (918) 794-1660.
For legal questions on the state statute etc. contact Tim Dowd at Elias, Brooks, Brown & Nelson (405) 232-3722.
For logos, headshots visit the media room on the NARO website.
About The National Association of Royalty Owners: The primary purpose of NARO is to educate, serving as a national information clearinghouse for, not only our membership, but also state, local and federal government bodies and the general public.
NARO also serves, not only as a "watchdog" in State Capitols and the U.S, Congress but, when deemed necessary, brings to the spotlight of public scrutiny and debate, critical royalty owner issues and concerns that might, otherwise, be ignored or concealed.
The mission of NARO is to encourage and promote exploration and production of minerals in the United States while preserving, protecting, advancing and representing the interests and rights of mineral and royalty owners through education, advocacy and assistance to our members, to NARO chapter organizations, to government bodies and to the public.