The report
The trace report, page by page.
This is the work product: a PDF report on what an estate holds, with the instrument and case documents it cites, as far as the scope and the estate permit. The sample covers a made-up estate with one oil and gas interest, one other mineral interest, one renewable lease option and a lead.
Sample. Made-up estate, names and records. The debtor, court, county, wells, parties and figures do not exist.
Page 1
Cover
The estate, the case and court, who holds the assets now, why the report was asked for, who it was prepared for and which side we act for, the scope, and the date each kind of record was read through.
- Prepared for one side, said on page 1
- Record cut-off dates, by source
Page 2
Interest list
Every interest found, grouped by kind, one row each: what it is, how it came to the holder in the case, the status found, what it pays or obligates, and its grade. Under it, the few things a reader should know first.
- One row per interest, by kind
- The item grade, in words
Page 3
An oil and gas interest
One page per interest. Here an overriding royalty: the chain of instruments from the lease to the trust, each finding with its source and read date and its own grade, the unit decimal worked out, wells and the latest production month shown, the payor, the last check found, the suspense, the holds and the next documents.
- Production found, latest month shown
- Payor, owner number, last paid month
- Suspense: since when, why, what releases it
Page 4
An other mineral interest
A lessee's interest in an industrial sand lease that appears ended. It pays nothing and still obligates the estate: a restoration clause and the lessor's claim. The page says why the grade is Corroborated and not Confirmed.
- What it obligates, not just what it pays
- Why the grade is what it is
Page 5
A renewable lease option
A solar lease option whose life turns on an extension: the notice is in the county index but not yet read, and the landowner's receipt of the payment is not in hand. The assignment terms, the severed mineral estate under the site and what was not assessed are on the same page.
- Alive or not, and which document decides it
- Consent to assign; the mineral estate under the site
Page 6
Leads and open items
A lead that may be another interest, then every next document in one list: what it is, who has it and its status on the report date. Last, what would move each grade.
- Every hold becomes a named document
- What would change a grade
Page 7
Sources and limits
Every source with what was read and the date read through, the names searched, how the grades were set, and the limits of the work.
- Read dates for every source
- No legal or title opinions; no appraisal
Also delivered
What comes with the report.
- The instrument copies and case documents the report cites, named by item.
- The interest list as a spreadsheet, when you ask for it.
- A valuation worksheet, only when you ask for it: a way to compare interests, with every assumption printed. It is not an appraisal.
A short question gets a short report: one interest, one page and its sources. The scope says which.