Ownership Changes & Transfers

Rio Petroleum is committed to maintaining accurate ownership and payment records. When an ownership interest changes, we must receive sufficient documentation to verify the change and update our records.

The documents required will depend on the type of ownership change, the state where the property is located, and the applicable title history. The following information provides general guidance for the most common ownership changes.

Before Submitting a Request

Please include the following with every ownership-change request:

• Current owner’s name
• Rio Petroleum owner number, if available
• New owner’s full legal name
• Property, lease, well or unit name
• County and state where the property is located
• New owner’s mailing address, telephone number and email address
• Completed and signed IRS Form W-9 for each new owner or payee
• Copies of all applicable legal and recorded documents

Documents affecting real-property ownership should generally be recorded in the county or parish where the property is located before being submitted to Rio Petroleum.

Please send legible copies. Do NOT send original documents unless specifically requested.

Required Documentation

Sale, Assignment or Gift of an Interest

To transfer an interest through a sale, assignment or gift, please provide:

• A copy of the recorded mineral deed, royalty deed, assignment, conveyance or other instrument transferring the interest
• Recording information showing the county or parish, book and page, instrument number, or other applicable recording reference
• A completed IRS Form W-9 for each new owner
• Current contact information for each new owner

The conveyance should clearly identify the interest being transferred and the property, lease, well or unit affected.

Death of an Owner — Estate Probated

When an owner dies and probate proceedings have been completed or are pending, please provide:

• Certified or recorded copy of the death certificate
• Last will and testament admitted to probate
• Order admitting the will to probate
• Letters testamentary or letters of administration
• Final decree, order of distribution, determination of heirship or other applicable probate orders
• Recorded executor’s deed, administrator’s deed or distribution instrument, when applicable
• Completed IRS Form W-9 and contact information for each successor owner

Additional or ancillary probate documentation may be required when the probate proceeding occurred in a state other than the state where the oil and gas property is located.

Death of an Owner — No Probate

When an owner dies without a probated estate, please provide:

• Certified or recorded copy of the death certificate
• Recorded affidavit of heirship or other documentation establishing the owner’s legal heirs
• Supporting family-history or heirship information, when requested
• Completed IRS Form W-9 and contact information for each heir

Requirements for transferring an unprobated interest vary by state. Rio Petroleum may request additional documentation or require a legal determination of heirship before changing its records.

Death of a Joint Tenant

Please provide:

• Certified or recorded copy of the deceased owner’s death certificate
• Copy of the recorded instrument creating the joint tenancy or survivorship ownership
• Completed IRS Form W-9 for the surviving owner
• Updated contact information for the surviving owner

The original ownership instrument must establish a valid right of survivorship under the law of the state where the property is located.

Death of a Life Tenant

Please provide:

• Certified or recorded copy of the life tenant’s death certificate
• Copy of the recorded instrument creating the life estate
• Identification and contact information for the remaindermen
• Completed IRS Form W-9 for each successor owner
• Additional recorded conveyance documents, when applicable

Individual Name Change

For a legal name change resulting from marriage, divorce or court order, please provide:

• Marriage certificate, divorce decree or court order establishing the name change
• Recorded deed or other title document, if required
• Completed IRS Form W-9 reflecting the new legal name
• Updated mailing and contact information

The name shown on the W-9 should agree with the name associated with the taxpayer identification number.

Divorce

Please provide:

• Complete divorce decree and property settlement agreement
• Recorded deed, assignment or other conveyance transferring the oil and gas interest, when applicable
• Completed IRS Form W-9 for each owner retaining or receiving an interest
• Updated contact information

A divorce decree does not always provide sufficient property descriptions to update title records. A separately recorded conveyance may be required.

Transfer Into a Trust

Please provide:

• Recorded deed, assignment or conveyance transferring the interest into the trust
• Trust agreement, certification of trust or memorandum of trust
• Identification of the current trustee or co-trustees
• Completed IRS Form W-9 for the trust
• Trustee contact and payment information

Rio Petroleum generally does not require confidential dispositive provisions that are unrelated to the trustee’s authority or ownership of the interest.

Change of Trustee

Please provide the applicable documents establishing the trustee change, including:

• Trustee resignation, removal or death documentation
• Appointment or acceptance of the successor trustee
• Relevant portions of the trust agreement or certification of trust
• Recorded trustee-change documentation, when required
• Completed IRS Form W-9 and contact information for the current trustee or trust

Termination or Distribution of a Trust

Please provide:

• Documentation establishing termination of the trust
• Trustee’s deed, assignment or distribution instrument
• Recorded conveyance transferring the interest to the beneficiaries or successor owners
• Completed IRS Form W-9 and contact information for each new owner

Company or Entity Name Change

For a corporation, limited liability company, partnership or other entity name change, please provide:

• Certificate of amendment, assumed-name certificate or comparable document issued or accepted by the applicable governmental authority
• Recorded title document reflecting the new name, when required
• Completed IRS Form W-9 showing the new entity name
• Updated contact and payment information

Merger, Conversion or Reorganization

Please provide:

• Certificate of merger, conversion or reorganization
• Merger agreement, plan of conversion or comparable supporting documentation
• Recorded assignment or conveyance, when required
• Evidence identifying the surviving or successor entity
• Completed IRS Form W-9 for the surviving entity
• Updated contact and payment information

Partnership Dissolution or Distribution

Please provide:

• Partnership dissolution or termination agreement
• Distribution agreement or liquidation documentation
• Recorded assignment, deed or conveyance distributing the interest
• Completed IRS Form W-9 for each successor owner
• Updated contact information

Power of Attorney

When documents are signed by an attorney-in-fact, please provide:

• Complete, valid power of attorney
• Evidence that the power of attorney was effective when the document was signed
• Recording information if the power of attorney is required to be recorded
• Any conveyance or ownership document signed under the power of attorney

A power of attorney authorizes another person to act for an owner but does not, by itself, transfer ownership.

Guardianship or Conservatorship

Please provide:

• Court order appointing the guardian or conservator
• Current letters of guardianship or conservatorship
• Court approval of the transaction, if required
• Guardian or conservator contact information
• Completed IRS Form W-9 for the owner or estate, as applicable

Bankruptcy

Please provide the applicable bankruptcy documents, which may include:

• Bankruptcy petition or notice
• Order appointing a bankruptcy trustee
• Confirmed plan of reorganization
• Court order approving a sale or transfer
• Trustee’s deed, assignment or bill of sale
• Final decree or discharge order
• Completed IRS Form W-9 for the successor owner

How to Submit Documents

Ownership-change documents may be submitted using one of the following methods:

Email:
ssalgado@riopetro.com

Mail:
Rio Petroleum Inc.
Attn: Owner Relations
2805 SW 15th Ave
Amarillo, Texas 79102

For security reasons, please do not send Social Security numbers, taxpayer identification numbers, banking information or other sensitive information through an unsecured email.

What Happens After Submission?

Rio Petroleum will review the documents to determine whether they provide sufficient authority to update our ownership and payment records.

During the review:

• Additional documents may be requested.
• A title opinion or legal review may be required.
• Payments may remain in suspense until title requirements are satisfied.
• New division orders or transfer orders may be issued for signature.
• Changes will be made effective in accordance with the applicable legal documents, title requirements and state law.

Submitting documents does not guarantee that a requested transfer will be approved. Rio Petroleum must confirm that the documentation adequately establishes the ownership change.

Frequently Asked Questions

Is a signed division order sufficient to transfer ownership?

No. A division order generally confirms payment information and ownership decimals but does not replace a deed, assignment, probate order or other instrument required to transfer legal title.

Must a deed or assignment be recorded?

Documents transferring real-property interests should generally be recorded in the county or parish where the property is located. Please provide a copy displaying the applicable recording information.

Should I send original documents?

No. Please send clear and complete copies unless Rio Petroleum specifically requests an original or certified copy.

Is a W-9 required?

A completed IRS Form W-9 is generally required for each new U.S. owner or payee before payments can be issued and tax reporting records can be established.

Non-U.S. owners may be required to submit the appropriate IRS Form W-8 instead of Form W-9.

How do I obtain a deed, assignment or affidavit of heirship?

Rio Petroleum cannot prepare legal documents for owners. Please contact an attorney familiar with oil and gas title and the laws of the state where the property is located.

Can Rio Petroleum tell me who should inherit an interest?

No. Rio Petroleum cannot provide legal advice, determine legal heirs or advise owners how to structure an estate or conveyance. We can explain the documentation needed to review a proposed ownership change.

Important Notice

This information is provided as general guidance only and is not legal, tax or estate-planning advice. Documentation requirements vary based on state law, property location, ownership type and title history.

Rio Petroleum reserves the right to request additional documentation when necessary to verify ownership, comply with applicable law or resolve title questions. Owners should consult a qualified attorney, tax professional or estate-planning adviser regarding their specific circumstances.

Yes. Please contact the Owner Relations department at (806) 356-8033 ext 235 to request a Direct Deposit form.

Please call our Owner Relations department at (806) 356-8033 ext 235, or email us at ownerrelations@riopetro.com. For verification, please include your name, daytime phone number including area code, owner number, and your question.

Royalty owners who received $10 or more and working interest owners who received $600 or more in the calendar year will receive a 1099 by January 31st of the following year. The income reported to the IRS is your gross income prior to any other deductions or taxes. The 1099 will also list any state or US withholding amounts deducted from your revenue checks.

If your check is stolen, contact the Owner Relations department at (806) 356-8033 ext 235. Any check greater than six months old should be marked "VOID" and sent back to Rio Petroleum. We will reissue the check on our next revenue check run once the check is received.

Payments of less than $100 will be accrued until the total amount equals $100 or more. If $100 is not met, accrued funds are released annually on December 31st.

Your revenue check is printed on the last business day of the month. Please allow 10 business days for processing and delivery.

We do not provide any type of valuation or opinion of your interest.

You can access well data and production information through the following resources:
State Regulatory Agencies: The governing state’s regulatory agency website, listed below, also provides access to well data and production information.
Texas Railroad Commission: www.rrc.state.tx.us

Section 91.504, Texas Natural Resources Code, gives an owner of a royalty interest in oil or gas produced in Texas the right to request from a payor information about itemized deductions, the heating value of the gas and the Railroad Commission of Texas identification number for the lease, property or well that may not have been provided to the royalty interest owner. The request must be in writing and must be made by certified mail. A payor must respond to a request regarding itemized deductions, the heating value of the gas or the Railroad Commission of Texas identification number by certified mail not later than the 60th day after the date the request is received. Additional information regarding production and related information may be obtained by contacting the Railroad Commission of Texas’ office of Public Assistance or accessing the commission’s website.