An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.
While underpayments are a bit simpler to catch and resolve, overpayments can get especially complicated, often requiring litigation in particularly hairy cases. It’s not terribly uncommon for overpayments to go undetected for many years before they are discovered. And, by the time they are eventually discovered, the payee may have already spent the excess. Dealing with the consequences of a mispayment can be a grueling, time-consuming process, especially for operators with an unexpected lawsuit on their hands.
Our team of oil and gas professionals have decades of experience helping operators and mineral interest owners ensure that their assets are properly allocated, from the beginning of production to the end of a well’s life cycle. We have a team of division order analysts that will maintain your ownership records and identify any changes in interest, protecting operators from double liability and mineral interest owners from inaccurate royalty payments.
For mineral interest owners, it’s crucial to catch any mistakes before signing the division order rather than discovering it later. Our division order analysts will verify decimal interest accuracy and make sure you receive timely and accurate revenue distribution every month. If inaccuracies do potentially happen, our team will resolve any resulting disputes and ensure that any unpaid royalties are reconciled.
For operators, we will be there every step of the way to help you navigate through the division order process. By outsourcing with PetroLedger, you can expect our team of oil & gas professionals to:
When you have multiple interests in wells, whether as an Operator or as a Non-Operator, we know that maintaining your Division Orders is integral to your success. By outsourcing with PetroLedger, you can feel comfort knowing that our division order analysts will always provide you with the oversight necessary to avoid any mispayments and focus on production.
Lauren, one of our youngest team members, comes to PetroLedger shortly after obtaining her Digital Media Innovation degree from Texas State University. Armed with knowledge of digital and social media trends, Lauren brings a fresh perspective to PetroLedger’s online identity and ensures that our company reaches new clients.
The journey from old to new oil and gas software can be an arduous one. On top of the complications that can arise during the data conversion process, many companies come to realize post-conversion that their new software may not be as good of a fit as they believed. But data conversions are costly, time-consuming projects; you really want to get these right the first time. With over 25 years of experience migrating client data, we’ll be there to help you make the decision that’s best for your business, whether your data comes from industry-standard applications, QuickBooks, legacy software, or any other unsupported systems. Our scoping process is thorough, and we’ll recommend the application we think is the best for you after some conversation about your needs. But before you decide to pull the trigger on a data conversion, here are three important questions your company should consider.
Nothing is scarier during Halloween season than knowing your 1099 filing deadlines are creeping closer. We know how much of an enormous headache the 1099 filing process is— that’s why it’s one of our most-requested services we offer to our clients. But there’s no need to stress this year: here is how outsourcing your 1099 processing can help you relax this season.
Our vision at PetroLedger is to be the partner of choice within the oil and gas industry for outsourced accounting and transaction services by employing the best-in-class people and processes across multiple technology platforms. Our most experienced and versatile staff resides in our Professional Services department. If you ask any of our staff, they will say it’s very rewarding to see the before and after version of their books. The PetroLedger team is a set of superheroes that transform and correct your data to better serve your organization.
If you read our Outsourced Accounting FAQs blog, you might have an idea of the optimal times for a business to start outsourcing, but how do you know if you need to outsource in the first place? In this blog, we’ve gone over some of the biggest red flags that small and mid-size E&Ps should be wary about in their accounting operations. If your business is suffering from one or more of the issues described below, now is the time to consider outsourcing your accounting functions.