Below you will find answers to many of the questions royalty owners have regarding their payments and personal information. Please click on the headers below to see more information.
What type of annual statements will I receive?
Royalty owners receiving more than $10 annually will receive IRS Form 1099. We are required to report the gross dollars paid to you during the previous calendar year. We also provide to you the total net dollars paid to you, which equals your gross revenues less all applicable deductions (transportation, severance taxes, etc.). The net value noted on your 1099 should equal the total value of payments made to you during the calendar year.
When will I receive my 1099 form from NNE?
The IRS requires 1099’s to be mailed no later than January 31st for the preceding calendar year.
Who do I contact with 1099 questions?
If you have questions regarding your 1099 or have not received your 1099 by February 15th, you should call 304-414-7060.
How do I transfer my interest in a property?
In order to change the payee on our records, you must change the record title of the owner. If the interest type is a royalty or mineral interest, you need to file a deed from yourself to the new owners in the records of the county in which the land being conveyed is located. We do not furnish deed forms or assist in the preparation of such conveyances. If you need help, you should employ an attorney with real property law knowledge in the state where the interest is located.
What happens when the interest owner of a property dies?
Oil and gas interests are considered real property and as such are governed by the laws of the state in which the land is located. In order to transfer the interest according to a will, the will must be probated in the state in which the land is located. If there is no probate or if the will is not probated in the state in which the land is located, you should submit a completed Affidavit of Heirship (also known as Affidavit of Death and Heriship) and a copy of the death certificate.
When are revenue checks mailed?
Revenue checks are mailed on 14th of each month and generally include production for 60 days prior (i.e. May production is paid on the July check).
What are the deductions on my check?
The deductions are typically transportation, gathering, or compression charges.
What sorts of taxes are deducted from my check?
State severance taxes or state social security income taxes may be withheld. If you do not provide us with your Tax Identification Number (TIN) or Social Security Number (SSN) we may withhold federal income taxes as required by the IRS. If you are a non-resident alien, we may be required to withhold federal taxes from your check.
What are considerations when I haven’t received my check?
Northeast Natural Energy remits revenue to you once your balance exceeds $50. Sometimes payments are held due to matters that create uncertainty in ownership, such as notice of death, change of address, transfer or property, assignment of interest or legal dispute. Payments due are accumulated and released when the matter in question has been resolved.
What should I do if my check is lost, stolen, damaged, or older than 90 days?
You should allow 30 business days to receive your check. If your check is lost, stolen, or more than 90 days old, please contact us at 304-414-7060. You will be informed of our void process, and then we will reissue the check with our next revenue distribution.
What is a “stale dated” check?
A stale dated check is one that is presented to the bank after a certain allowable window of time. It is not an invalid check, but NNE revenue checks cannot be honored after 90 days. If you did not deposit your check within that timeframe, we must re-issue the check. Please return the check to the address listed on the check and we will void and reissue the amount with your next check.
Where can I research unclaimed funds?
Each state makes an effort to locate rightful owners of production revenue and hold funds until the owner is found. To located unclaimed funds, please visit the National Association of Unclaimed Property Administrators’ (NAUPA) website at www.unclaimed.org to locate and collect unclaimed funds in your name.
When are royalty payments suspended?
Your royalty payments can be suspended for reasons of title dispute, death of owner, transfer of ownership, unknown address, and assignment ownership. The money will be released as soon as the issue is resolved. Keeping your information current may prevent this inconvenience.
Who do I contact regarding my revenue check and what information do I need to present?
If you have questions regarding your royalty check please contact our office at 304-414-7060 regarding this issue. Include your name, phone number with area code, and the check number.