Frequently Asked Questions 

  

MINERAL OWNERS ESCROW ACCOUNT

UNKNOWN OR UNLOCATABLE MINERAL OWNERS

  

  

Q:        How can I search for unlocatable mineral owners?

  

A:         After entering a name you then have the option of searching names that “Begins with” or “ends with” your entry.  The last option, “Is in” searches names that contain your entry.  Just click on “HELP”.

  

Q:        What is a “forced pooling”?

  

A:        “Forced Pooling” means that under Oklahoma law the oil company can force those who are undecided to make a decision.  If the oil company cannot successfully get all the owners within the unit to agree as to how to develop the unit, the oil company can apply to the Commission to have those people or other oil companies who have not agreed, force pooled into the unit.

  

Q:        What is a “holder/operator”?

  

A:        Any person in possession of royalties, bonus payments or other monies directed to be paid under a Commission pooling order and which cannot be paid because the persons entitled thereto are unknown or cannot be located.  For holder/operator information contact the Mineral Owners Escrow Account Department (405) 521-4499 or (405) 521-3970.

  

Q:        What is an unlocated mineral owner?

  

A:     The last-known record title-holder of a mineral interest which is subject to a Commission pooling order.

  

Q:        How do “holders” know when to report payment to the Commission?

  

A:      No later than thirty (30) days after the annual reporting date of each year, the “holder” shall submit to the Commission the principal of all monies placed in escrow accruing under the orders issued during the first year, and all subsequent years, where the sum exceeds one hundred dollars ($100) for any one owner.

  

Q:        How do I claim funds?

  

A:       Contact the Oklahoma State Treasurer’s Office/Unclaimed Property (405) 521-4275 or online www.ok.gov/treasurer/Unclaimed_Property/index.html.