When are checks issued?

Legacy Reserves issues checks around the 15th of each month. Please allow up to 10 business days for postal delivery.

What should I do if I did not receive my royalty check this month?

  • Due to postal delays, your check may arrive a few days late. However, if your check is more than 2 weeks late, please contact Legacy Reserves in order to void and reissue your check.
  • A frequent reason for not receiving a royalty check is that your account has not reached its “minimum pay” or “minimum suspense” status.  Legacy remits revenue to you once your account balance exceeds $100, or annually during the month of September, whichever comes first.
  • Payments may also be suspended due to varying reasons such as, but not limited to, legal disputes, a pending transfer, the main account holder is deceased, or we have not received notice of a new address. Payments will be held in the account and released once Legacy receives the necessary paperwork to resolve the issue. If you have any questions or concerns about not receiving revenue, please contact us.

How do I change my address?

Submit this form by email, fax, or mail which is listed in the contact us section of our website.   Please allow up to 14 days for the change of address to affect the account.

Revenue previously suspended for bad/no address will be released in the next regularly occurring check write.

I want to sign up for direct deposit.

Submit this form by email, fax, or mail which is listed in the contact us section of our website. Please allow up to 30 days for the change of address to affect the account. 

Can I view my statements online?

Please contact us so that we can provide you with login information and instructions for our document viewer.

There is a new trustee for this interest. How do I change this on your records?

Please provide us a copy of the recorded legal documents showing the resignation of the old trustee and the appointment of the new trustee so that we may make the necessary changes on the account.

What happens to the interest when the owner passes away or conveys the ownership to someone else?

The heirs of the interest or designated executor will need to provide transfer documentation to Legacy in the event of the owner’s death. This information can be found below:

  • If transferring to another individual or business, you will need to provide the following documents by email, fax, or mail:
    • A completed W-9 form for each new owner (found here).
    • A copy of the death certificate (if the owner is deceased).
    • And only one of the following items: A copy of the probated will (if the owner is deceased), a copy of the recorded deed (obtained by an attorney), a copy of a recorded affidavit of heirship, or recorded heir information form.
  • If transferring to a trust or an estate, you will need to provide the following documents by email, fax, or mail:
    • A completed W-9 form for each new owner (found here).
    • A copy of the death certificate (if the owner is deceased).
    • A recorded copy of the deed of distribution (optional) AND a copy of all recorded trust or estate documents.

I’m interested in selling my interest. What should I do?

Please contact us and allow us the opportunity to evaluate your interest first.  Our evaluation team will respond with an offer to purchase or notify you of our desire to pass.  The evaluation period may last 60 days.

What happens to my account when I get married or divorced and my name changes?

Please provide us with a copy of the marriage certificate or divorce decree in the event of a name change so that we may change the name on your account.

I have an old check that was never cashed. What should I do?

Legacy automatically voids checks that are 6 months old and reissues them in the next check cycle. Reissued revenue resulting from a voided check will be included on your next regularly occurring check. Therefore, you may notice a significant increase in check total. Remember, you’re receiving the equivalent of two or more checks depending on the number of stale checks voided and re-released.

If your check is less than 6 months old, the check is safe to cash. If you have any concerns about an old check, please contact us .

Why have my royalty payments gotten larger or smaller?

There are many factors that contribute to your payment including, but not limited to, price of oil & gas, your percent of ownership, the production of the well, mechanical or operational problems, or routine maintenance on the well. Also, over time the production volume of a well will decline.  This decline happens naturally and is inevitable. Further, regulatory, contractual changes and seasonal conditions all have the potential to affect the amount of your payment. If you believe your payment is incorrect, please contact us.

My funds have been escheated to the state. What should I do to get them back?

Your funds were escheated to the state that corresponds with the address that we have on file for you.  If your funds have already been escheated to the state, please contact the state in which you reside to file a claim.

If you have moved between states historically, we can tell you where the funds were escheated.  

See the contact information below for a few states: 

Texas:

Website: https://mycpa.cpa.state.tx.us/up/Search.jsp

Phone (M-F, 8am - 5pm): 1-800-654-FIND (3463) or (512) 463-3120

Email: unclaimed.property@cpa.state.tx.us

Mail: 

Texas Comptroller of Public Accounts,
Unclaimed Property Division,
Research and Correspondence Section,
PO Box 12046,
Austin, TX 78711-2046

Telecommunications Device for the Deaf (TDD) 1-800-248-4099 or 512-463-4621

Oklahoma:

Website: https://www.ok.gov/unclaimed/index.php

Phone (M-F, 8am - 5pm): (405) 521-4273

Email: Unclaimed@treasurer.ok.gov

Mail:

Oklahoma State Treasurer 
Unclaimed Property Division 
2300 N Lincoln Blvd, Room 217 
Oklahoma City, OK 73105 

New Mexico:

Requirements: http://www.tax.newmexico.gov/Individuals/file-a-claim.aspx
Website: http://missingmoney.com/

I’ve been notified that my funds have been suspended. What should I do?

For your protection, we may suspend your funds due to legal disputes, a pending transfer, death of the account holder, or an unknown address. If you have received a letter that your funds have been suspended, please provide the documentation listed on the letter in order for the funds to be released.

Some information on my division order is incorrect. How do I have it changed?

If an address is incorrect, please list a current address directly on the division order and return it to us.  We will make the necessary changes to the account. However, if any other information is incorrect such as a decimal of interest, listed owner name,  type of interest, or an incorrect well, please contact us so that we may investigate the issue. Issues that require contact with Legacy also require the owner to provide evidential documentation to make the change on the account.

I need the legal descriptions for my properties. Where do I obtain them?

The legal description should be listed on your division order.   However, if you do not have a division order, please contact us.

Is there any way you can deduct my JIB bills from the revenue I receive?

Legacy can place you in “netting” with your request and after a review from our A/R team. This will automatically deduct your JIBs from your revenue. However, if your revenue does not completely cover your JIB charges, we will hold the remaining JIB balance in your account and deduct it from the next revenue cycle. Please remember that you will still receive JIB statements while in netting which will show you an update of your account. We reserve the right to request a payment, should the JIB balance not be cleared after several months of netting. If you have any questions about your JIB balance, please contact us.

I need a 1099. Where do I obtain one?

Please reference the 1099 Information section under the Owner/Vendor Relations tab.

Key Statistics

Q4 2016 Production

42,098 Boe/d

Proved Reserves

144.8 MMBoe

Oil & Natural Gas Liquids

28%

PDP

94%