PDS SERVICES OUTSOURCING FOR OIL & GAS
Full Management: PDS functions as a full-service “plug-and-play” specialty assets management and accounting department. It provides all of the operations management for specialty asset and assumes the day-to-day management of the portfolio in compliance with state, federal and fiduciary rules and regulations including the following:
- The preparation of an initial review
- The preparation of an annual investment review
- Oversight of periodic valuations
- Routine record keeping
- Review and execute division or transfer orders
- Establishment and maintenance of asset and account files
- Preparation and delivery of standard TMMS and management reports
- Determination of the adequacy of title documentation
- Mainten and update necessary Procedures Manuals
- Provide routine management of no-site personnel
- Contract for, or oversee the contracting of, required ordinary services
- Review and monitor operating statements, AFE’s and JIB’s
- Determine insurance risks, recommend, and track coverage
- Review, approve and pay routine invoices
- Supervise routine contract and repair work
- Maintain accurate records of significant decisions and their supporting rationale
- Oversee the timely payment of oil & gas taxes
- Provide asset distribution services that do not require title curative
- Maintain trust depletion records and accounting
- Lease negotiations
- Sale or purchase of a property
- Review of unsolicited offers to purchase
- Title curative work
- Environmental project or remediation management
- Preparation of deeds, assignments, conveyances and contracts
- Historic revenue and expense research and reconstruction
- Missing or delinquent revenue collection
Operations Management: PDS handles all operations and accounting and leaves management for specialty assets to the client.
- Revenue and Expense Processing
° Accounts payable
° JIB and other bill back entry and tracing
° O/G check processing
° Validation of revenue line item detail
° Multiple ownership and payer revenue splitting - Maintenance of accounting records pertinent to the Portfolio including:
° New trust and asset set-up
° Routine file maintenance
° Trust and asset close-out
° Property/lease
° Fee calculation
° Multiple owner (including outside owner) tracking
° All funds received and distributed
- Verification, review and audit of oil & gas revenue to ensure accuracy and timeliness
- Verification, review and audit of routine JIB/AFE expense payments to ensure accuracy and timeliness
- Ad Valorem tax payment or payment verification
- Maintenance of a Standard Procedures Manual and Operations Desktop Guidelines
- Trust interfaces including transaction, account and compare system reporting
- Multiple owner (including outside owner) tracking
- Principal and income accounting
- Special client, audit and regulatory reporting
- Supplying information to a trust tax preparer
- Track pending events, such as delinquencies, reviews, inspections, etc.
- Provide support for insurance and property tax payment