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  • Setting Up Unknown Owners

    On my run this month I have a new well and have money for it, but.......I do not have the information to set up the well as for as DOI, etc. I want to set up the well since I know the well name and then post the receipts to my check will be in balance from the other wells on the check. I just do not want to send out the money until next month when I have all information and DOI. Can I set it up and the money will not release until I set up the correct information next month?

    Yes, you can do this with the following steps:

    1. Set up an unknown owner. (Name him whatever you want, maybe "Unknown")
    2. Put the owner on hold.
    3. Give the owner 100% interest in the new well.
    4. You can then enter Revenue and Expenses for the well and close the run if necessary.
    5. When you figure out who the new owners are you can transfer the Division of Interest and history to the new owners with the "Transfer DOI Between Owners" utility under the Utilities menu. Be sure to mark the option to include owner and suspense history, then choose the run as far back as you need to transfer. This will transfer the interests and past history to the new owners.

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