Keyser, LLC
Sibling Retreat 2022
All members and spouses were present for a meal when and where we had managers presentation and discussion:
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LLC got first monthly check from Loving County property operated by Lime Rock, $5,000
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This is a working interest and expenses were $300+ for the same month
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We got a check for $50,000+ last month which represented two years of production and expenses
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Plan is still to create a separate LLC, Keyser Interests LLC, to protect the royalty interest properties from the WI properties.
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this will likely cost around $3,000 and was approved by the members again.
(see notes from previous partnership meeting) -
Keyser Interests, LLC will have one member, Keyser LLC.
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Keyser LLC is currently valued at $5,000,000 which is partially reflected on your 2021 K1 from the LLC which showed your capital increasing by about $500,000 or your share of mother's properties (which were moved to the LLC )
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Discussion of geology of the Delaware and Permian basins from which we are getting all our revenue
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We have 3 producing wells in Culberson County (Delaware) which account for 70% of our revenue
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One well in Reeves County (Delaware) - 10%
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One well in a unit in Loving County (Delaware) - 20%
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One well in Midland County, the Lydia 1; she is one of the very 1st wells in the Permian basin - 5%
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this is our other working interest property (last month $600 in revenue and $150 expenses)
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All Keyser LLC properties are in Texas.
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(Funkhouser Family Partnership, which was dissolved in 2020, had some properties in Colorado)
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Keyser LLC distributions will continue to be monthly as long as LLC revenue exceeds $10,000 / month
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Article 13.10 of the Keyser LLC agreement allows for “normal” transfers at death including trusts
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new members must agree to the terms of the agreement
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