Oil & Gas Mineral Rights with Lease and Royalties near Gladewater, Gregg County, Texas!

Starting bid: $4,695.00

Item condition: New

Time left:

Auction ends: May 2, 2019 4:15 pm
Timezone: America/Phoenix

Starting bid: $4,695.00

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Description

Item Id: Durham01
Case Name: Durham, Franklin C, Jr & Martha W
Case Number: 18 08919
Trustee:
Starting Minimum Bid: $4,695

Description: Oil & Gas well mineral rights near Gladewater, Texas in Gregg County. Debtor holds inherited interest in the rights and the royalties. The current Oil/Gas lease holder is XTO Energy of Ft Worth, Texas. The location is near Gladewater which is west of Shreveport, LA

The Legal Description (abbreviated) is: “….Third Tract…described in an Oil, Gas, and Mineral lease executed by J R Carter, et al, in favor of R H Williams on or about October 1, 1935….’

The rights are taxed by the City of Gladewater, not the County. The Tax Invoice #’s affiliated with the rights are #001101431 and #001451124. As of 3/1/19, the total balance due in unpaid taxes is $41.96

The lease operator is currently XTO Energy.
Royalty payments to the debtor have totaled: $873.67 in 2016. In 2018, total documented payments to the debtor were $235.13.
The Owner/Investor # is 0863026.

Assignment Assignment to Franklin Durham

Payout History/Documents:
XTO Energy (00129221xE39E4)

2016 and 2017 Exxon 1099 (00131004xE39E4)

Notes: A document preparation fee of $275 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms (to view terms, click “Terms” tab in Seller Store header at top of ad).

Bidders should familiarize themselves with BKAssets policy regarding ‘Proxy Bidding’ (see ‘Bidding Guide’ on BKAssets.com Home Screen). BKAssets is not responsible for connectivity issues, or Internet transmission times, when submitting an auction bid near the close of auction. The auction process does not extend past the set close time of the auction and bidders are solely responsible for the timing and receipt of their bids if they elect not to utilize Proxy bidding.

Legal Info: By Order of the United States Bankruptcy Court, BKAssets sells this and any other property “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the title, the condition of the property or rights, or any liens or encumbrances against the unit. The buyer will be entirely responsible for this property/right/lease after the sale including but not limited to: paying any fees/costs associated with this property, paying all fees/liens (if any), recording/transferring the title and gathering any paperwork/documentation necessary for that process. Seller and trustee are NOT appraisers or oil/gas brokers. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment or deed as required by Gregg County. All the information as to the item description has been provided by the court. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.

Payment Info: $U.S. Money order, certified check, cashier’s check. BKAssets may also accept “Bill Pay” from Wells Fargo, Bank of America, Chase, Citibank, a local regional bank or Credit Union. If you would like to use “Bill Pay,” but do not bank at one of these establishments, please call BKAssets prior to sending payment.

A document preparation fee of $275 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.

Shipping Info: Shipping is included to all buyers in the United States. International bidders are welcome, please contact BKAssets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.

Liens: We are not aware of any liens

Auction History

April 3, 2019 4:12 pmAuction started

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