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Accounting Services We Provide

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From clerical tasks to preparing financial statements, PetroSource can provide all your accounting and division order solutions.

We offer revenue distribution, joint interest billing, accounts receivable processing, accounts payable management, owner information updates (including division-of-interest changes), payout and gas balancing reporting, severance tax reporting and payment, financial statement preparation, and special projects. At your fiscal year-end, we also supply your tax accountants with all necessary data to complete your taxes (including depletion.)
Revenue Distribution

Revenue Distribution

  • Maintenance of distribution decks, including suspense coding and ownership changes
  • Receipt of oil and gas sales data
  • Processing through current division of interest
  • Produce and mail revenue checks to royalty owners and partners

Joint Interest Billing

Joint Interest Billing

  • Maintenance of billing decks, including ownership changes and non-consent status
  • Processing through current division of interest
  • Process overhead, insurance, and other internal charges
  • Print and mail bills to partners
  • Yearly COPAS rate increases

Accounts Receivable

Accounts Receivable

  • Deposits received and recorded for both joint interest billing payments and oil and gas sales
  • Transactions reconciled to receivable records, coded, and entered into accounting system

Accounts Payable

Accounts Payable

  • Enter customer-approved invoices from vendors and operators
  • Customer chooses whether to provide account coding or have our experienced personnel handle the coding
  • Checks printed and mailed to vendors and operators

Division Order

Division Order

  • Review drilling and division order title opinions for new well setups
  • Review correspondence for proper documentation of ownership changes
  • Issue division orders
  • Maintain division-of-interest decks and owner information

Regulatory Reporting

Regulatory Reporting

  • Reports created and submitted to state taxing authorities when applicable
  • Payments generated and submitted to state entities
  • Reports and payments prepared for Office of Natural Resources Revenue (ONRR)
  • Reports and payments prepared for General Land Office (GLO)

Financial Reporting

Financial Reporting and Data Analytics

  • Bank reconciliations
  • Subledger reconciliations
  • Depreciation, depletion, and amortization schedules
  • Lease Operating Statements
  • Customized Data for Analytics
  • Balance Sheet, Income Statement, Cash Flow, Owners’ Equity, and Financial Statement Footnotes
  • Prepare all data for auditors and work through audit process with them

What we do for you:

We function as your accounting department or supplement it.

We can provide some or all of the following services, and more:

  • Record and pay your vendor invoices
  • Record your deposits, including sales of oil & gas and accounts receivable
  • Prepare and issue joint-interest billings
  • Distribute revenues to royalty owners and other third-parties
  • Prepare state production tax and other regulatory reports, including ONRR
What we do
What we do
  • Maintain your owner information, including division-of-interest changes
  • Prepare monthly financial statements
  • Provide monthly lease operating statements with detail tailored to your needs
  • Issue 1099s
  • Provide your tax preparer with all the information they need to do your taxes including depletion
  • Prepare and distribute payout statements
  • Prepare special reports for investors and partners

Benefits of Partnering with PetroSource

  • Experienced oil and gas professionals
  • Various levels of staff –utilize each skill level only as much as needed
  • Save money by minimizing overhead
  • Large staff allows uninterrupted workflow during vacations or illnesses
  • Avoid the hassles of hiring and downsizing as your business or the economy changes
  • Highly experienced oil and gas management team
  • Satisfied customers
  • Services are customized to meet your wants and needs
  • You choose which services you want
  • Our personnel stay informed and updated as oil and gas accounting laws and regulations change