Owners Relations

Change to Owner's Account

• My Name or Our Company's Name has changed, How do I Update it?

  Request for individual name changes must be sent to the address below along with legal documentation supporting the changes, such as a recorded marriage certificate, divorce decree, or court order. Please also send an updated W-9 form.
  
  Request for company name changes must be sent to the address below along with legal documentation supporting the changes, such as a certification of merger or name change. Please also send an updated W-9 form.
  
  Name change requests are made by the 15th of each month, and change requests received after the 15th will be applied the following month.

• How do I change my address?

  To update your address, please complete the Change of Address form and scan a signed copy to ownersrealtions@360mining.com along with an updated w-9 form or the equivalent W-8 form (for non-U.S. persons). If there is more than one owner on the account, all owners are required to sign the form.

• How do I notify 360 Mining if I transfer my interest or Acquire an interest?

  When transferring or acquiring an interest in a property that is leased to 360 Mining, the lessor has an obligation to make timely notifications to the lessee in writing of a transfer of ownership. A copy of the recorded documentation and proof of recording, along with a W-9 form must be provided to 360 Mining to process the transfer and update our records. 360 Mining cannot process requests for retroactive changes in ownership. If additional information is required, you will be contacted by a 360 Mining representative. Please be aware that 360 Mining completes all ownership changes by the 15th of each month and no changes will be made after the 15 until the following month. Documentation can also be scanned and emailed to ownersrelations@360mining.com.

Royalty

• Why does my royalty payment amount vary month to month?

  Typical reasons for royalty payment variances include but are not limited to:
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  • Oil and gas volumes and/or prices may vary month to month operations reasons such as routine maintenance or repairs
  
  • Weather conditions that my impact the volumes produced or sold
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  • Shutting in of a well natural decline in production

• Does 360 Mining offer direct deposit?

  Yes, 360 Mining offers direct deposit to U.S. based individual and entities. Please use the Direct Deposit form to submit account information.

• What do I do if my check is outdated, lost in the mail, or stolen?

  Please allow 15 business days for delivery before reporting a check missing. If you suspect your check is lost or stolen, please contact 360 Mining at ownersrealtions@360mining.com so a stop payment can be placed on the check. Checks must be cashed within 120 days of the issue date. If your check is outdated, please write VOID on the check and return it to 360 Mining to reissue a new check. Include a letter with the voided check requesting that it be reissued.

• Why have I not receive my royalty payments?

  Your account either has not reached the minimum payment requirement of $50 or your account may be in suspense. Your interest may be in suspense for various reasons, such as there is reasonable doubt as to title, the owner has sold a portion or all of the interest, or there may be a question as to the identify or whereabouts of an owner.
  

• When will I receive my royalty payment?

  Royalty payments are issued on or before the last business day of each calendar month. A check will typically not be issued if the royalties due are less than $50, except when required by law. Please note that it may take up to 60 days after the end of the month of first sales of production from a new well before royalties are paid.

• What is the purpose of my owner number?

  360 Mining assigns a unique owner number to identify each interest owner. When corresponding with 360 Mining, always include your owner number.

• What happens if my funds are unclaimed?

  Funds are escheated to the state if we do not have a valid address for the owner or if we can’t locate the heirs of a deceased owner.

• What will I see reported with my royalty payment?

  Per the Railroad Commission of Texas, oil and gas operators in the State of Texas must report the below information with a royalty payment.
  
  Section 91.502 (amended effective 9/1/2002)
  1. Property Identification (Name, Number, or both; and County and State)
  2. Sales month and year
  3. Volume sold
  4. Price per barrel or Mcf
  5. Severance or other taxes deducted
  6. Windfall profit taxes (repealed 1989)
  7. Other deductions or adjustments
  8. Net value
  9. Owner decimal interest
  10. Owner gross value
  11. Owner net value
  12. Address and phone number where additional information can be obtained

Change of Ownership

• Common Situations

  Common Situations

  Ownership changes due to divorce

  Sale of an Interest

  Documents Required

  Complete divorce decree including settlement agreement or recorded conveyance

  Conveyance file in the county in which the property is located

• Estate Proceedings

  Estate Proceedings

  Owner died with a Will (testate)Probate proceedings conducted in the state where the property is located

  Owner died with a Will (testate)Probate proceedings conducted in state other than where the property is located

  Owner death without a will (intestate)
  Laws of Descent and Distribution will apply as relevant
  
  

  Documents Required

  Death Certificate
  Order Admitting Will to Probate
  Letters Testamentary
  Last Will and Testament
  Evidence of payment of debts and taxes
  Final Decree of Distribution or Judgement of Possession

  All documents listed above, plus documentation of ancillary probate proceedings opened in all affected states, or Affidavit of Heirship

  Death certificate
  Letters of Administration
  Affidavit of Heirship
  Evidence of payments of debts and taxes

• Trusts / Partnerships

  Trusts / Partnerships

  Ownership by Trusts/Partnerships
  
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  Distribution from Trusts/Partnership
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  Change of Trustee

  Joint Tenancy and One Dies

  Documents Required

  Trust or Partnership Agreement, recorded document conveying the interest in property to the Trust/Partnership

  Dissolution of Trust or Partnership, if applicable, and recorded conveyances to beneficiaries

  Instrument appointing successor trustee

  Death certificate of joint tenant

• Bankruptcies

  Bankruptcies

  Chapter 7

  Chapter 11
  ‍

  Documents Required

  Order naming trustee of bankruptcy estate

  Plan of Reorganization
  Order confirming the Plan of Reorganization

Tax

• What is a 1099 form?

  A 1099 form is required by the IRS to report various types of income other than wages, salaries and tips. The payor of royalties is required to complete a 1099 form.

• When will my 1099 be issued?

  We will mail all 1099 forms by January 31 of each year.

• Will I receive a 1099 each year?

  For royalty payments amounting to an annual payment of $10 and above, and working interest annual payments greater than $600, a 1099 will be provided.

• How do I obtain a duplicate of my 1099?

  Please contact ownersrelations@360mining.com to request corrections to your 1099 or a duplicate copy.

• Annual notice to Texas royalty owners

  At least once every 12 months, all royalty payors in Texas should provide the below notice to each royalty interest owner to whom the payor makes a payment.
  
  Section 91.504, Texas Natural Resources Code, gives an owner of a royalty interest in oil or gas produced in Texas the right to request from a payor information about itemized deductions, the heating value of gas, and the Railroad Commission of Texas identification number for the lease, property, or well that may not have been provided to the royalty interest owner. The request must be in writing and must be made by certified mail. A payor must respond to a request regarding itemized deductions, the heating value of gas, and the Railroad Commission of Texas identification number by certified mail not later than the 60th day after the date the request is received. An owner of a royalty interest in oil or gas may obtain information regarding production that has been reported to the Railroad Commission of Texas by contacting the oil and gas division of the commission or accessing the commission's website and providing the identification number of the lease and the county in which the lease is located.