Pictured above:
Standing (L. to R.): Talee Redcorn, Kenneth Bighorse, David Dubler,
John H. Mashunkashey, Chairman
Sitting (L. to R.): Robert Martin, Jewell Purcell, Cynthia Boone, Kathryn Red Corn Lynn
NOTICE
3rd QUARTER ANNUITANT PAYMENT
The Annuitant Payment for September 2008,
will be
$11,245.00 per headright share.
This is the highest payment on record.
It is up $2,250.00 from last quarter.
(With Inflation Using $2008)
Osage Shareholders:
Payment for the third quarter (September 2008) will be a record of $11,245.00 per headright! Your payment was based on total revenue of $25,070,911.00 for the second quarter production and collections. ($25,070,911.00 divided by 2,228.97393 headrights equals $11,245.00, rounded back to the nearest $5.00).
The following are amounts broken out to show major details of the $25,070,911.00.
Oil and Tank Bottoms production for the second quarter was 1,109,277.81 gross barrels or 174,031.98 royalty barrels with oil revenue of $21,475,868.00. The average price per barrel of oil was $123.40.
Gas production for the second quarter was:
3,124,485 gross M.C.F. or 547,134.09 royalty M.C.F. and 1,170,489 gallons. Total gas revenue for second quarter was $4,375,105.09.
Sand and Gravel royalty for second quarter was $63,592.33.
Oil & Gas Bonuses collected for second quarter was $472,552.00.
Interest earned for second quarter was $146,001.00.
Gross Production Tax to be paid to the State of Oklahoma for second quarter production is $1,292,548.65.
Budget drawdown for C-395 operating expenses for second half of 2008 was $200,000.00.
Miscellaneous revenue for second quarter was $30,341.20.
Sincerely,
John Mashunkashey, Chairman
Osage Minerals Council
Lease Auction # 3 Results - Auction #3 was conducted on August 20, 2008. A total of 67 tracts were sold for a bonus consideration of $867,170.00 comprising of 10,720 acres.
Art Work for the 2008 Oil and Gas Summit Wanted
We are advertising for art work for the 2008 Osage Oil & Gas Summit. This will be used for posters, the summit brochure, etc. The theme for this year’s summit will be Black Gold-Diamond in the Rough and our colors will be black and white. The art work should be prepared in charcoal, pen and ink, acrylic, water colors or any other method using the black and white theme. The deadline for all art work is August 30, 2008. The winning art work will be selected by a committee and the winner will receive $500. This payment gives the Oil & Gas Committee the right to use the art work any way it deems necessary. Please e-mail your entries to nsullins@osagetribe.org
Cobell v. Kempthorne Timeline
June 24, 2008 - The Osage Nation granted permission to intervene in Cobell v. Kempthorne on Tuesday morning, June 24. (For link, go one line above, then click on June 24 AM transcript, and go to page 1461, line 17 through page 1468, line 19.)
July 21, 2008 - Plaintiffs' Response to Defendants' Proposed Findings of Fact and Conclusions of Law
July 22, 2008 - Defendants' Respond to the Osage Nation's Proposed Findings of Fact and Conclusions of Law
July 22, 2008 - Defendants' Response to Court's Notice to the Parties and to Plaintiffs' Proposed Findings of Fact and Conclusions of Law Following the June 2008 Trial
(For more information on the Osage Nation vs United States, click on Osage Trust Opinion on Damages in the INFORMATION section.)
COBELL DECISION SAYS IIM ACCOUNT HOLDERS OWED $455.6 MILLION
Judge James Robertson decided on August 7th that the United States failed to disburse $455.6 million to individual Indians with IIM accounts, an amount less than 1% of the $47 billion the Cobell plaintiffs were seeking. The Court left for a later date the question of how and to whom the funds would be distributed.
In an attempt to increase potential damages in Cobell, the Plaintiffs unsuccessfully sought to have funds in the Osage Nation's tribal trust account reclassified as individual Indian monies. The Osage Nation sought and was granted limited intervention in the case for the purpose of defending the Osage Nation's ownership of the mineral estate and the tribal trust account. In the August 7th decision, the Court agreed with the Osage Nation that funds in the Osage tribal trust account are tribal funds until distributed to headright holders. This ruling in favor of the Osage Nation protects its case in the U.S. Court of Federal Claims, which that seeks redress for mismanagement of funds from the Osage mineral estate that would be paid to headright holders.
The Court also ruled that only headright holders whose headright funds are paid into an IIM account are part of the plaintiff class.
Lead plaintiff Eloise Cobell has indicated that she will appeal this decision.
Osage Nation attorneys Wilson Pipestem and Merrill Godfrey discussed the Cobell decision at a public meeting on August 7th.
A video recording of the meeting can be viewed on the Osage Nation website.