Kraken values the relationships it has built with all its partners. The most important relationships we have created are those with our working, mineral and/or royalty interest owners. We strive to treat everyone with the utmost respect and consideration. Where we are able, we aim to make it convenient and user friendly to obtain information and answer your questions accordingly.
For your convenience, we have listed several standard questions with answers below. We have also established a single point of contact for questions via the OWNER RELATIONS CONTACT FORM also found below. Completing this form will help us guide you to the proper representative/department. We can also be reached by phone and ask that you leave a detailed message with your questions and/or concerns. Please note: all inquiries received during normal business hours are answered within 24 hours.
Owner Relations FAQ’s
What are your hours?
We are open Monday-Friday between the hours of 9 a.m-5 p.m. CST.
How do I notify Kraken of a change in my address?
Please complete our Change of Address Form.
Does Kraken offer Direct Deposit (Electronic Funds Transfer)?
Yes. Please complete the Owner Relations Contact Form (on this page) to request a direct deposit form.
When does Kraken issue royalty payments/checks?
Revenue checks are issued at the end of each month. Please note, checks are issued when the revenue in the account reaches $100.
Why does the amount of my royalty payment change from month to month?
Changing market conditions cause fluctuations in prices received for your production. This can vary greatly from month to month. If the well must be taken offline for a period due to routine maintenance, mechanical and/or other operating problems, this too will temporarily affect the amount of production. Note, as properties age, there is the normal trend toward declining production. If you have reason to believe an error has occurred with your royalty payment, please contact us via the owner relations form and a representative from our accounting department will contact you.
Why is Kraken adjusting my royalty payment?
There are various reasons why adjustments might be made to your royalty payment. For example, we were provided incorrect production figures or pricing from the transporter or gatherer of production, or an error in the setup of our records may have been discovered. Adjustments can affect an owner’s check positively or negatively. Our goal is to properly account for the volume and pricing in accordance with your Lease Agreement and state statutes.
What do I do when an owner of record passes away?
How do I change my name on your records if I get married/divorced?
How do I notify Kraken of a change in Trustee?
What is needed to transfer my ownership to someone else?
How do I add my spouse to my account?
How long does it take for a transfer of interest to occur?
Depending on the complexity of the transfer, our processing time for transfers of interest can range between 60-120 business days.
What options are available for receiving revenue and revenue detail?
Check – Hard copy detail (mailed) – current
Direct Deposit of revenue – hard copy detail emailed.
What should I do if I don’t get my check?
If 10 days have passed from the date you normally receive your check, please contact us via phone (713-360-7705) or the Owner Relations Contact Form (on this page), and someone from our team will be in contact to resolve. Please contact us immediately if you believe your check has been stolen.
Why is backup withholding deducted from my revenue check?
A valid Tax Identification Number or Social Security Number must be provided via a properly completed IRS form W9 to Kraken Oil & Gas for reporting and identification purposes. If not provided, the IRS requires a withholding of 28% of all revenues (30% for foreign residents) until the information is provided.
I found my name on a list for Abandoned Properties put out by the State, what do I do?
You will need to contact the number published in the news publication to get the monies from the State because once monies are turned over to the State of the last known address, it is a matter between the State and you as the claimant. However, we may have monies remaining in your account, so call our hotline to inquire. A representative will advise you what to do if there are monies remaining for your account. A helpful website is www.naupa.com, which contains the unclaimed property records of participating states (not all states participate).