Oil & Gas Services

Monthly/Daily Tasks:

Cash Management/Budgeting

• Booking all deposits from deposit copies provided by client
• Writing/booking checks
• Reconciling bank accounts
• Cash management
• Budgeting

Accounts Payable

• Enter all invoices into our oil & gas processing system (forwarded to us from client from time to time: weekly, bi-weekly or monthly)
• Allocating charges to the appropriate leases and wells.
• Paying invoices in a timely manner.
• Prepare checks for delay rentals, lease bonuses, ROW payments, etc. based on information provided by the client.

Joint Interest Billing

• Create Joint Interest Billings for all working interest owners utilizing the information obtained through the Accounts Payable module.
• AFE (authorization for expenditure) maintenance/reports
• Prepare and issue AFE based on client estimates.
• Create AFE reports showing actual AFE costs compared to the budgeted costs provided by the client.

Revenue Disbursal

• Record all purchaser production checks in our oil & gas processing system.
• Responsible for issuing all revenue disbursement checks to the royalty and working interest owners on a timely and consistent basis.

DOI maintenance

• Update the division of interest files for all owner changes provided by the client.
• Maintain payout schedules for penalties on non-participation in AFE's and adjust DOI's accordingly.

Lease Operating Statements

Create lease operating statements showing the net income of each well (or any combination of wells) by month for the previous twelve months. These lease operating statements can be provided on an 8/8ths basis, inside share basis or any basis desired by the client.

Severance Tax reporting

Responsible for filing all state severance tax reports for the client's operated leases. These reports are filed based on production reports provided by the client.

Bank loan covenant compliance reporting:

• Can prepare analysis to ensure that client is in compliance with loan covenants
• Can perform any other tasks needed to ensure client stays in compliance with loan covenants.

Partnership Distributions and Reporting

• Can assist the client by preparing monthly (or quarterly, etc.) partnership distribution reports and also making the partnership distributions.
• Can prepare any other reports that the client would like us to prepare for its partners.

Annual Tasks:

1099 Reporting

Responsible for issuing all of the client's 1099's. This includes all vendor and owner 1099's as well as any 1099's for delay rentals and lease bonuses.

Financial statement preparation

Can prepare GAAP or other basis of accounting financial statements on an annual, bi-annual, quarterly or monthly basis (this includes Compilations and Reviews.)

Federal and state income tax returns

Can prepare all federal and state income/franchise tax returns.

Audit Support

• Will allow client's financial statement auditors to come to our offices to perform the client's year end financial statement audit.
• We will work with the client's financial statement auditors to provide them the assistance they need to perform the year end audit.