I own a bunch of small overriding royalties in various natural gas wells in Grand County, Utah. I no longer receive revenue from them as the company that operates the wells, ARB Energy of Utah, simply stopped paying me. They cannot relieve me of ownership, and their obligation to pay me is both written in to Utah regulations but is also a legal “fiduciary” responsibility, an obligation of trust.
Its’ not just me, of course. There are scores of others in my shoes. For me, I planned to have the overrides as part of my retirement, but can survive without them. What I have learned from scuttlebutt is that ARB, taking over the properties in 2019, started out with good intentions, and then made a huge and bad investment in a plant that produces helium, that promptly went broke. The company acted in desperation, and the executive in charge, Humberto Sevint, is a resourceful man who manages to come up with stopgap funding to stay afloat.
Continue reading “Quiet desperation except … I don’t know how to keep quiet” →