Checks are issued by the fifth business day each month.
Checks are issued by the fifth business day each month.
Please notify our office immediately of any change in your mailing address by completing this Address Change Form or you can send changes in writing to Steward Energy II, LLC. Your request should include your name, former address, new address, owner number and/or Social Security number, and signature for verification. Once completed, you can mail, email, or fax back to Steward Energy. For your protection, address changes are not accepted by telephone.
Steward Energy does not currently offer direct deposit.
There are several reasons this may occur, including:
When an ownership change is due to a sale or assignment of property, a copy of the deed or another conveyance instrument (properly recorded in the county or parish where the property is located) should be submitted to Steward Energy. Ownership changes due to death vary by state and whether or not the decedent had a will. Once notified of the death, Steward Energy will guide you through the process of transferring ownership to the legal heirs. Please see “Ownership Change Requirements” for the list of required documents to evidence a change in ownership.
The most common reason is because your account has not reached minimum suspense accrual. Steward Energy remits revenue to you once your balance exceeds $100 or once annually, whichever occurs first.
Please allow 15 business days to receive your check. If your check is stolen, contact our office immediately. Any check more than six months old should be marked “VOID” and sent back to Steward Energy. We will reissue the revenue in our next check run after the check has been received.
Changing market conditions can cause price fluctuations. Additionally, mechanical, operational problems or maintenance may temporarily affect production, resulting in downtime of the well. If you believe an error has occurred, please contact our office.
A valid Social Security number or Tax Identification number must be provided to Steward Energy for reporting and identification purposes. If not, the Internal Revenue Service currently requires us to withhold 24% of all revenues received for oil and gas (30% for foreign residents) until your SSN/TIN information is provided to us. All backup withholding is reported on your 1099 at year-end; it is considered a payment to the IRS on your behalf. Steward Energy does not issue refunds for backup withholding. Royalty owners are able to report the withholding on their income tax returns at the end of the year. Click here for a downloadable W-9 form to provide your Tax Identification number to Steward Energy.
Yes, we mail 1099’s by January 31st of the following calendar year. The income reported to the IRS is your gross income prior to any other deductions or taxes.
Unclaimed Property is any intangible personal property that is held, issued or owing in the ordinary course of business and has remained unclaimed by the apparent owner for a specified period of time after it became payable and is presumed abandoned.
Unclaimed property may also be referred to as “escheat,” “abandoned property,” and “unclaimed funds.”
Each state has unclaimed property laws that require certain assets to be considered abandoned after a period of inactivity, usually ranging from one to five years. During this abandonment period, Steward Energy must make a concerted effort to seek out and return property to the rightful owners. Issuance of due diligence letters is a part of this effort.
Each state has abandoned property or escheat laws that require the reporting of funds held for its residents. Once abandoned property has reached the state’s required dormancy period, it is paid to the state of the owner’s last known address.
A Division Order is an instrument used to by companies to verify that the royalty owner’s decimal interest in a well is correct and to agree that the company can make payments based off that decimal interest until notified by the royalty owner that the ownership has been changed. A Division Order will describe the specific property involved, specifies the ownership of individual owners and establishes certain responsibilities between the parties. The Division Order does not alter or amend an oil and gas lease.
Please be sure to sign and return your Division Order as soon as you are satisfied that it contains: (1) an accurate legal description and decimal interest for your ownership, (2) the correct spelling of your name, (3) your correct address, and (4) your Taxpayer Identification number.
Each owner is assigned a unique owner number to distinguish you from other interest owners. Each well is also given a unique property number. The owner number and the associated property number will appear on your account correspondence from Steward Energy II, LLC including division orders and check details attached to payments made for production from the well(s). So that we may better assist you, please include your owner number and property number in any correspondence addressed to the company.
Occasionally we have to make retroactive adjustments on current checks for prior payments. If Steward Energy has to make such an adjustment, it can impact the amount of your check. While we certainly try to avoid these types of adjustments, many of the causes are outside of our control.
Working Interest (WI): The exclusive right granted to the lessee to explore for and to produce and own the oil and gas located under the lands covered by the oil and gas lease. The working interest owners bear all costs of exploration, development and operation.
Royalty Interest (RI):
Lessor’s share of production as set forth in the oil and gas lease.
Overriding Royalty Interest (OR):
An interest in production that is created and payable out of the working interest.