OIL & GAS
ACCOUNTING SERVICES
Blakely & Weeks-Thome, PLLC is a professional accounting firm with extensive experience in oil and gas accounting, financial statement reporting, and oil and gas taxation for various types of entities. We offer a wide range of outsourcing options and our staff is experienced in the use of OGSYS and WolfePak, two of the leading accounting software packages preferred by many small to mid-sized oil and gas companies.
Our oil and gas department consists of personnel experienced in accounting for exploration and production, oil and gas operators, and independent producers. As one of only a few accounting firms that use WolfePak in house, we are able to offer comprehensive services to the oil & gas industry including but not limited to the following.
Accounts Payable
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Entering and coding of vendor invoices for wells, as well as corporate overhead
Joint Interest Billing & Revenue Accounting
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Maintaining division of interests based on information provided by client.
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Generate monthly joint interest billing statements for all working interest owners.
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Issue authorization expenditures (AFE's) based on data provided by client, as well as "cash call" billings.
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Issue revenue distribution checks to working interest owners and royalty interest owners.
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Maintain payout schedules
Cash Management
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Reconciling bank accounts.
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Writing, recording, and mailing of checks.
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Recording deposits received based on copies provided by client.
Financial Reporting
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Preparation of monthly, quarterly, and/or annual compiled financial statements in accordance with U.S. GAAP or tax basis, based on the client's needs.
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Detailed monthly lease operating statements.
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Bank loan covenant compliance reporting
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Other analysis, as requested.
Oil & Gas Tax Expertise
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Preparation of annual federal and state income and franchise tax returns.
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State severance tax returns.
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Issue 1099s for vendors, working interest owners and royalty interest owner, delay rentals, and lease bonuses.
Audit Support
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While Blakely & Weeks-Thome, PLLC does not perform GAAP or joint interest billing audits, we do provide support to clients in these situations.
