I have been having issues contacting Magnolia Oil and Gas out of Houston. I leave messages and send emails but it has taken months for them to help me.

We recently receive a check from them and it has bounced 2 times.

I called the numbers on the website and somebody gave me a number 713-331-4807. Of course nobody answers.

Anyone know if this company is kaput?

They are a multi billion dollar public company and just did a large acquisition. They shouldn't be in dire straights. Is this a revenue check or a lease/bonus check?

revenue

yippee2 said:

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revenue

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royalty checks are bouncing? wow, that's a problem.

txaggieacct85 said:

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yippee2 said:

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revenue

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royalty checks are bouncing? wow, that's a problem.

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and normally you could get payments electronically and not have to deal with a check.

Not sure how large your royalty check would be, but if its enough I might pay them a visit.

I used to be a revenue accounting supervisor/manager staff for multiple oil and gas companies (four and three don't exist now).

I usually had royalty relations in my group and we never had a check bounce.. that's pretty crazy.

and it would be a violation of their lease agreement.

out of curiousity I called their owner relations hot line and was on the line with elevator music until it instructed me to leave a message. not good.

Thanks all. They contacted me and explained it.

The account is in "suspense" .

All is good

yippee2 said:

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Thanks all. They contacted me and explained it.

The account is in "suspense" .

All is good

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There's legal suspense or minimum suspense

I assume this has to be legal suspense?

Unsigned division order? or what is the legal suspense reason?

Why would checks bounce if you were in legal suspense?

they say suspense because the royalty owner died and they need documents filed with the county clerks in the county of productions

I imagine the checks didn't bounce. They likely sent some type of notification saying, "the account was credited with X dollars" and no was money deposited.

Lucky that you're with Magnolia. They are pretty responsive. If you were with Pioneer, it would require 3 demand letters from attorneys and about 9 months of hassle before they answered the phone.

Yes this is common. Obviously magnolia can't distribute royalties when an owner passes away without evidence of a will and the beneficiaries of that will.

Until then the monthly royalty payments will be held in legal suspense.

And I agree I doubt checks bounced

maybe the term "Bounce" wasn't the right word.... the check was returned I'll say