The Norman Transcript

Headlines

February 24, 2013

Missing: Mineral rights holders

(Continued)

NORMAN —

Even when owners do file claims to retrieve payments, they end up with less money than they were originally owed. The state charges a 10 percent fee when the money is first deposited from force pooling leases. The money also diminishes in value over time due to inflation. Owners get none of the interest or investment returns.

The state is required by law to publish a list of the newest names of mineral owners who can’t be located twice a year.

The Treasurer’s Office maintains an online database, searchable by name, listing all unclaimed deposits and whether they are worth less or more than $100. It also sets up booths every year at the state fairs in Oklahoma City and Tulsa, where people can check the database.

The state stores the money in two accounts.

When oil and gas companies make payments owed to missing mineral owners in force pooling agreements, they deposit it with the Oklahoma Corporation Commission’s Mineral Owners Escrow Account. The deposits remain in that account for five years. Then they are transferred to the state treasurer’s Unclaimed Property Fund, from which the state can borrow.

The Unclaimed Property Fund also receives other direct mineral-rights payments from oil and gas companies. Typically, in these cases, the companies have lost track of mineral owners who had already struck a deal with the company.

Almost every year, the state borrows from the fund, which also includes money from abandoned bank accounts, unclaimed paychecks, stocks, utility deposits and other sources.

During each of the last four years, the Treasurer’s Office has made $10 million of the deposits available for appropriation by the Legislature.

The Legislature has also dipped into the fund periodically to plug budget gaps. During the last two years, those allocations totaled $42 million.

Between the two accounts, if every person owed funds stepped forward at the same time to claim their share, the state would be obligated to pay out about $350 million, said Tim Allen, spokesman for the Treasurer’s Office. That is more than two and a half times the available cash. About $105 million of that belongs to mineral-rights owners.

Text Only | Photo Reprints
Headlines
  • James Garner James Garner dies at 86

    NEW YORK — Few actors could register disbelief, exasperation or annoyance with more comic subtlety....

    July 21, 2014 2 Photos

  • garnervisit1 Family, friends recall Garner’s Norman roots

    Flowers started arriving at the James Garner statue at Main Street and Jones Avenue Sunday morning after residents learned of the famed actor and Norman native’s death Saturday night in California. Norman resident Roy Hamilton, who grew ...

    July 21, 2014 1 Photo

  • Common Core repeal has state teachers worried about instruction

    OKLAHOMA CITY — With the Legislature’s repeal of tough, new English and math standards known as Common Core, education leaders said they’re concerned Oklahoma students will fall further behind their counterparts in more than 40 states ...

    July 22, 2014

  • Norman firefighter performs Heimlich maneuver on Moore man after he chokes on food

    What started out as a normal night out for a Moore couple ended with them being thankful a firefighter was in the right place at the right time....

    July 22, 2014

  • 18-year-old killed; 72-year-old man, young boy injured

    Those involved in the wreck Friday near 136th Avenue and South Sooner Road were identified Monday by Oklahoma City police. Logan Rosado-Santoni, 18, was pronounced dead on the scene after the 4:30 p.m. multi-vehicle wreck. Two others were ...

    July 22, 2014

  • New AP program to begin in Norman

    NORMAN — Norman Public Schools Board of Education learned about Advanced Placement Capstone at a regular board meeting Monday....

    July 22, 2014

  • Rebels release train with bodies from jet

    HRABOVE, Ukraine — Bowing to international pressure, pro-Moscow separatists released a train packed with bodies and handed over the black boxes from the downed Malaysia Airlines plane, four days after it plunged into rebel-held eastern ...

    July 22, 2014

  • Gaza death toll passes 560

    GAZA CITY, Gaza Strip — A high-level attempt by the U.N. chief and the U.S. secretary of state to end deadly Israel-Hamas fighting was off to a rough start Monday: Gaza’s Hamas rulers signaled they won’t agree to an unconditional ...

    July 22, 2014

  • Moore City Council paves way for Sam’s Club location

    MOORE — The Moore City Council approved a $5 million bond Tuesday to be repaid with sales tax and utility revenues. “A good amount of street improvements needs to be done,” Moore City Manager Steve Eddy said. “This will be paid for with ...

    July 22, 2014

  • Perry sending Guard troops to border

    AUSTIN, Texas — Gov. Rick Perry is deploying up to 1,000 National Guard troops to the Texas-Mexico border over the next month to combat what he said Monday were criminals exploiting a surge of children pouring into the U.S. illegally. ...

    July 22, 2014