Owners &
Frequently Asked Questions

Frequently Asked Questions

Checks
Q.

When will I get my check?

A.

Royalty checks are issued on the 15th of each month.  Owners are offered two payment options – Paper checks which are sent via USPS mail on the 15th of each month or Direct Deposit Form which guarantees that the funds are deposited by the 17th of each month and a statement is sent via email on the 15th of each month.

Q.

Can I get my royalty payments via Direct Deposit?

A.

Yes, please complete the Direct Deposit Form. You have the option of printing and mailing the form to us or simply emailing it to us at owners@jaybeeoil.com.  Please note that a VOID check must be submitted and an e-mail address is required for statements being sent

Q.

What address was my check mailed to?

A.

Checks are mailed to the address you’ve most recently submitted to our office.  Keeping us updated is of the utmost importance.

Q.

How can I change my address?

A.

Please complete a Change of Address Form.  You have the option of printing and mailing the form to us or simply email it to us at owners@jaybeeoil.com.

1099 Forms
Q.

When will the 1099 forms be mailed?

A.

Per IRS Guidelines, the annual deadline for mailing is January 31st.

Q.

Why is my lease bonus payment in the royalty box on the 1099-MISC?

A.

Per the IRS, lease bonus payments are considered advances on royalties.

Q.

What deductions are included in the OTHER column on the 1099-MISC?

A.

These include expenses to make the products marketable.

General
Q.

Is Coronavirus affecting business?

A.

The Coronavirus may impact future payments. To ensure you get your payments in a timely fashion, please sign up for Direct Deposit.

Q.

How do I sell my interest?

A.

If you make a full or partial conveyance of a royalty or overriding royalty interest you will need to provide a copy of the conveyance document recorded in the county and state where the interest is located.

If the copy you provide is not recorded, Jay-Bee will place the interest payments in suspense until a recorded document is received.

Q.

What if I have changed my trust?

A.

Creating, changing, or terminating of Trust:

When a trust is created you will need to furnish Jay-Bee with a copy of the Trust Agreement and the recorded conveyance of interests into the Trust.

When a Trust is terminated you need to furnish the instrument of Dissolution with original signatures and interests related to the mineral interest and the recorded conveyance to beneficiaries or partners.

When a trust is changed due to death: you will need to furnish Jay-Bee with a copy of the Trust Agreement, death certificate, and document appointing successor Trustee(s).

When a trust is changed due to resignation: you will need to furnish Jay-Bee with a copy of the Trust Agreement, recorded document stating resignation of current Trustee, and appointing successor Trustee(s).

Q.

What if there is a change to guardianship?

A.

When a mineral owner is declared incompetent you will need to provide a Letter or Guardianship issued by the court to effect change in the mineral owner status.

When a minor comes of age you will need to provide a birth certificate to effect change in mineral owner status.

When an owner of a Life Estate passes, please furnish Jay-Bee with a copy of the death certificate in order for us to verify changes. If the Life Estate is dissolved, please send Jay-Bee documentation noting the names, addresses, and social security numbers of the people who inherited the mineral interests. If the interest is placed into a new Life Estate, all documents of the new Estate must be provided to Jay-Bee.  

Q.

What if a mineral owner passes away?

A.

The Executor of the Estate must complete an Affidavit of Heirship Form and provide required documentation.

Q.

How does a mineral owner appoint an Attorney-in-Fact or Agent?

A.

A copy of the Power of Attorney or agency agreement must be provided.

Forms

Please return filled out forms by mail or email: owners@jaybeeoil.com
Jay-Bee Production Co.
16 South Avenue West, Ste. 118
Cranford, NJ 07016

W-9 Form

How do I provide my tax ID ?
Download

Affidavit of Heirship

What form can I use if I inherit property?
Download

Change of Address

How do I change my mailing address?
Download

Direct Deposit

What if I don't want checks in the mail?
Download

Get in Touch

Please send us a message, and we'll get back to you as soon as possible.

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