Another oil company comes in an either takes them over outright or buys their assets at bankruptcy

It’s like a big fish eats a little fish and a little bigger fish eats that fish and so on and so on.

The wells I have in North Dakota were put in by several different companies, each owning a piece of the royalties. the only original one that remains after 12 years is ENRON. All the others have been bought out and bought out again and again. Crazy. I don’t even read the notices any more and after this drop, I won’t be in a hurry to cash my royalty checks either.