Owner Relations
Owner Inquiry Form
Faqs
HOW DO I PAY MY INVOICE?
Click here to pay your invoice.
Does Teocalli offer direct deposit?
Where are my minerals exactly and how much do I own?
Please email contact@teoexp.com to request a copy of your ownership deck.
When do I get my royalty payment?
Royalty payments are typically mailed at the end of each month from Oklahoma City. We make every effort to ensure that your payment is delivered promptly and on time.
What do I do if I need an extra copy of a 1099?
Please email contact@teoexp.com to request a duplicate copy of your 1099.
How does Teocalli determine Administrative Overhead Rates on a well?
Administrative overhead is a charge to all working interest owners in a well to cover many of the administrative costs associated with operating a well. In general, the rate was set near the time the well was drilled in a document called a Joint Operating Agreement (“JOA”). Teocalli charges all working interest owners the rate set forth in the applicable JOA. The rate is adjusted annually by the Council of Petroleum Accountants Societies (“COPAS”). Click here to access COPAS information and adjustment calculators.
My working interest ("WI") is on net. Why am I still receiving an invoice?
Each month, Teocalli processes income and expenses for each well for a previous monthly period. Depending on a number of factors, including, but not limited to, commodity pricing, timing of income and expenses, oil in storage, additional labor, workovers, gathering costs, etc., the revenue on a given well may be positive or negative. Some owners will be set to “net” to assist in paying for expenses on the joint property. Netting of a WI’s unpaid joint interest billings against WI’s revenue does not always fully cover the Joint Interest Billing (“JIB”) for the month. If after netting a balance is still due, WIO will still receive a JIB with a balance due. It is important to review your invoice each month to remain current. If you own a WI, you are required to pay your JIB on a monthly basis per the JOA.
Where can I direct questions about my revenue check or JIB/Invoice?
Questions can be emailed to contact@teoexp.com or directed to our Owner Relations team at (405) 242-4003.
When do I get my 1099 forms?
1099 forms are mailed out by January 31 each year.
How do I transfer ownership?
To initiate a transfer, it is important to submit a copy of the assignment and/or deed that has been recorded in the county where the property is located. This recorded documentation serves as proof of the transfer of ownership to another party. Additionally, please provide an IRS Form W-9 filled out on behalf of any new owners. Transfer documents can be mailed to us or emailed to land@teoexp.com.
What should I do if I haven't received my royalty check?
If you have not received your royalty check by the 10th, please email contact@teoexp.com or call our Owner Relations team at (405) 242-4003.
What steps should be taken in the event of an owner's death?
To facilitate the transfer of ownership, it is essential to provide copies of all relevant documents associated with the transfer. These documents may include the death certificate, wills, probate documents, final decrees or any other applicable legal papers. Please also include an IRS Form W-9 filled out on behalf of any new owners. Transfer documents can be mailed to us or emailed to land@teoexp.com.
What is the procedure for changing the address associated with ownership or tax identification number?
We ask that these requests be submitted in writing, either by mail or via email to contact@teoexp.com. Please provide the old address, new address, and owner number. If making a change to Tax ID number, please fill out a new IRS Form W-9.
I don’t want my ownership in a well anymore.
For any number of reasons, sometimes working interest owners (“WIO”) and mineral interest owners (“MIO”) no longer want to participate in or own an interest in a well. There are a number of options for divesting.
If you are a working interest owner in a Teocalli operated well, you may surrender your interest(s) by:
- payment in full of outstanding JIB balance;
- paying the balance between estimated salvage value of surface equipment and estimated future plugging and abandoning costs; and,
- Both parties executing an acceptable assignment of the interest.
If you are a MIO:
Teocalli is willing to make an offer for your mineral interest based on a simple cashflow analysis. Teocalli is generally willing to pay approximately 36 times your previous 12 months average check. For example if your average monthly check is $25, we would likely offer approximately $900. All offers would be subject to title and income verification.
Please reach out to our Owner Relations team if you would like to begin this process.
