SERVICES PROVIDED TO OUR OIL & GAS CLIENTS
CASH MANAGEMENT/BUDGETING
Booking all deposits from deposit copies provided by clients
Writing/booking checks
Reconciling bank accounts
Managing cash flow
Budgeting
ACCOUNTS PAYABLE
- Entering all invoices into OGSYS oil & gas processing system
- Allocating charges to the appropriate leases and wells
- Paying invoices
- Preparing checks for delay rentals, lease bonuses, ROW payments, etc.
JOINT INTEREST BILLING
- Create Joint Interest Billings for all working interest owners utilizing the information obtained through the Accounts Payable module
- Develop 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 ACCOUNTING
- Record all purchaser production checks
- Issue all revenue disbursement checks to the royalty and working interest owners
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
SEVERANCE TAX REPORTING
- Responsible for filing all state severance tax reports for the client's operated leases
BANK LOAN COVENANT COMPLIANCE REPORTING
- Prepare analysis to ensure compliance with loan covenants
PARTNERSHIP DISTRIBUTIONS AND REPORTING
- Prepare Monthly (or quarterly, etc.) partnership distribution reports and other reports as needed in addition to making partnership distributions
1099 REPORTING
- Issue client 1099's for vendors and owners as well as any 1099's for delay rentals and lease bonuses
FINANCIAL STATEMENT PREPARATION
- Prepare GAAP or other basis of accounting financial statements of an annual, bi-annual, quarterly or monthly basis
FEDERAL AND STATE INCOME TAX RETURNS
- Prepare all federal and state income/franchise tax returns
AUDIT
- Ensure client's financial statement auditors have access to E. C. Otillio's office to perform year-end or quarterly financial statement audits
- Work with client's financial statement auditors to provide assistance needed to perform the year end or quarterly reviews and audits