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January 26, 2008

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Michael Cavataio

I received a 1099 from XTO Energy today and I never got my check!!! They pulled back the offers in October but why did I get a 1099 for money I didn't get.

I called the number and am waiting for an answer. It would be good if they get me my money but this just is terrible to have them report income I didn't get!!!

k

I guess all of you were so unhappy with your checks that you didn't cash them...right? Money talked and you listened. That is more than most people in Texas get....and that is just for having a house in the right spot...never probably knew it before you bought it!

BH

Geezz, My second 1099 misc. from Four Seven's is still wrong.(3)
I called them requesting a new one with the bonus in the correct
box again, either 1 or 2. They told me Bonus money was not royalty
so it couldn't be put in box 2, royalty income. Box 1 is "Rents".

They want everyone to believe Box 3 "other income" is ok for the
IRS and you. I disputed this with her and said I would contact
the IRS and report that they won't correct it, before I file my
taxes. She then recanted what she said and told me they were
consulting a Tax professional and would get back with me. At the
end of our conversation, I asked her her name and she hung up
on me.

If anyone else needs to contact Four Seven's on this their phone
number is 817-870-9998. Good Luck.

B. Pedersen

Thank you very much for the information on Barnett Shale gas leases and income taxes. It saved us a great deal of time and grief. We too received a 1099-misc with the bonus income in the wrong box (number 7). We would not have known this was incorrect without your article. Thanks again!

BH

well,well,,well---I got my first form 1099 misc. dated Jan.24th
from Four Sevens Energy Co,LLC, Fort Worth,Tx. It of course had
the wrong box marked for the bonus money paid to me for the IRS.(7)

Today, Jan. 31st. I got another one, with the correct box marked
with the bonus, on form 1099 misc. for the IRS. (3)

This may seem like a small error folks, but trust me, its not.
It took me a year to correct the same kind of error with the
IRS before, on some settlement money, that was in the wrong box
on a form 1099 misc. Without the time spent by me to fix it, I would
have had to pay the IRS $3500. in taxes I didn't owe.

As you all know, Four Seven's Energy is the same company that told
me they were drilling a well last July 2007 as an inducement to
get me to sign a lease with them. As of Feb.2008, no well has been
drilled nor have I been put in a unit. My hope for 2008 is that
this is the last business (?) dealings I have to endure with this
incompetent,fraudulent company.

To add insult to injury, I also recieved today (1-31-2008) another
offer, from Carla Petroleum, Inc. representing XTO for a 3 yr.
$10,000 acre/25%, with an option of 2 yrs.extension for an extra
$5000.00, totaling $15,000. I got $731.00 and a hypothetical well
from Four Seven's Energy. Landmen need to be licensed by the State
of Texas so they will have a standard of ethics, that hold's them
accountable to the public on business contracts.

Beverly Humphries
Rutland Ave
Fort Worth, TX. 76133

BH

Thank You Teresa

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