SERVICES we provide 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

Contract Complance