What are royalties?
Royalties represent the interests retained by lessors under an oil, natural gas, and mineral lease.
How do I change my address?
Download the CHANGE OF ADDRESS form located in the “FORMS” section. Fill it out completely and have all persons listed on the account sign and date. Fax to (618) 943-2220 or mail to our head office address listed on the COA form, ATTN: Nancy Huff. For additional questions, please call (618) 943-2227.
What documentation is required for a name change?
Provide Owner Relations with the appropriate documents as listed below by emailing firstname.lastname@example.org or calling (618) 943-2227, Fax (618) 943-2220.
- Copy of marriage certificate
- Divorce decree reinstating maiden name
- Other documents affecting a name change
- Certificate of Name Change with verification of Tax ID to be used
- Certificate of Merger with verification of Tax ID to be used
How do I add someone to my account?
Provide Owner Relations with a copy of the conveyance document establishing joint tenacy/ownership that has been recorded in the county and state where the minerals reside by emailing email@example.com or call (618) 943-2227, Fax (618) 943-2220.
Does Herman L. Loeb, LLC offer direct deposit (Electronic Funds Transfer) for royalty checks?
No, we do not currently offer direct deposit (Electronic Funds Transfer) at this time.
When are royalty checks issued?
Checks are issued and mailed on or about the 15th of each month.
What is the minimum payment amount?
An owner must accumulate a minimum balance in their account of $25.00 in order for a check to be issued. Note that we have a Minimum Release each year in December to all accounts with a balance of at least $1.00.
Why does my monthly payment amount vary?
Many factors may cause your payment to vary, including but not limited to, market conditions, suspended payments, adjustments (including any over payments or under payments), fluctuating commodity prices, regulatory or contractual changes, production volumes, seasonal conditions and routine maintenance or operating issues which may affect the volumes produced from a well during a given time period.
Why does my payment differ from others in my family?
This can occur because ownership between family members is not equal, because one party has not provided Herman L. Loeb, LLC with a Tax ID (TIN) or other required information, or because some family members may own interest on other properties in addition to those commonly owned. Other factors possible causing variances between family member check amounts may be related to stale dated checks, returned checks and/or address changes.
What should I do if I do not receive my revenue check?
Due to potential postal delays, a revenue check may arrive a few days late on occasion. If you have not received a check by the 10th business day following the date of the check, please contact Owner Relations.
Can a check 180 days or older be cashed?
Herman L. Loeb, LLC does not place an expiration date on revenue checks; however, please contact Owner Relations prior to cashing a stale dated check to verify the check has not been voided.
When are royalty payments suspended?
Royalty payments may be suspended (or held in suspense) until certain conditions are satisfied. Generally, royalty payments may be suspended for several reasons including, but not limited to, the following: a missing Tax ID, assignment of interest, notice of death, lack of documentation/title confirming ownership, or disputes involving proper appointment or ownership of interest in the minerals produced. Also, please note that revenue checks are issued only when the revenue amount due exceeds $25.00. Amounts due are accumulated and are released when the matter in question has been resolved and all related documents have been received and processed. All payments are retroactive to the date of suspension.
How do I make changes to my ownership?
The types of documents that can change ownership on a real property account include (but are not limited to): a deed, title, a court order or a death certificate. In some cases, there may be a need to file more than one type of document to complete the process. The documents must be recorded in the county where the minerals are located. If you have any questions about the preparation or filing of a document, you may want to consult with an attorney, real estate professional or title company.
What should I do when a royalty owner dies?
The requirements of ownership transfer due to death vary by state and are dependent on whether or not the deceased has a Last Will and Testament. You may want to contact an attorney to advise you how to proceed.
What information is needed when there is a change in Trustee?
Provide Investor Relations with a copy of the applicable portion of the Trust document that identifies the successor Trustee, the duties and the powers of the Trustee, and the circumstances leading to the replacement of the Trustee. Complete and submit a CHANGE OF ADDRESS form if needed.
What happens when the owner having a life estate dies?
Interest is transferred to the remaindermen. The death certificate and a copy of the deed noting the life estate should be submitted to Investor Relations. The remaindermen addresses and tax identification number (s) are required as well.
I sent my transfer documentation in. How long will it take to hear back?
The amount of time it takes to complete a transfer depends on the complexity of the issue. For the information on your transfer, contact Investor Relations or call (618) 943-2227.
Joint interest billing (JIB)
What should I do if my JIB invoice is incorrect?
Email Owner Relations (firstname.lastname@example.org) or call (618) 943-2227. If you send your request via email please list your JIB customer number, name, property number, name of property and the location of the property along with the working interest it should be for further verification.
What is an Owner Number (Account No.)?
You have been assigned a unique 4 or 5 digit owner number for your account. Please include your owner number in all communications with Herman L. Loeb LLC, including in all voicemail messages and in the subject line of any email correspondence.
How do I remit payment for my monthly JIB invoice?
Payments made on invoices billed out by Herman L. Loeb, LLC should be remitted to:
Herman L. Loeb, LLC
P.O. Box 838
Lawrenceville, IL 62439
What information should I include when remitting my monthly JIB invoice payment?
Please include your unique owner number along with the month and year of the invoice payment being made. If you are submitting a payment that is over or under the invoiced amount, you would also want to include an explanation for the difference (i.e., you don’t agree with the charges billed under a specific venture/ AFE).
Tax and levy information
When are 1099 Misc. Tax Forms mailed out?
Your 1099 Miscellaneous Tax forms will be mailed no later than Jam. 31. If the 31st falls on Saturday or Sunday, the IRS allows for mailing the following Monday.
Why am I being charged expenses/deductions even thought I am not a working interest (WI) owner)?
Some costs associated with selling a product are shared by all owners including royalty owners. WI owners share in those same costs plus the cost of exploration, drilling, completing, equipping and operating a well. If you still believe that your lease indicated you should not have deductions, please contact Owner Relations by email at email@example.com or phone at (618) 943-2227.
Why is my 1099 more than what I received?
The 1099 shows the gross amount before taxes and other deductions as required by the IRS. In order to help you reconcile this gross amount to the total of your actual payment received, we include a reconciliation on the back of your 1099 showing the gross amount, taxes and deducts and the net amount. The net amount should tie to your total payments received for the year. If you have questions as to how this information should be presented on your tax return, please contact a tax professional.
Why is my NET more than my GROSS amount?
Net can sometimes be more than the gross due to reimbursement of Severance Tax or other adjustments. In this case, you will notice a negative tax amount on the reconciliation on the back of your 1099.