WolfePak Oil & Gas Accounting

WolfePak’s Oil & Gas Accounting packages provide a fast, efficient way for oil & gas businesses to handle daily accounting procedures with specific modules for oil & gas.

The packages include an integrated general ledger system, check stub entry, financial/production reporting, joint interest billing, and revenue distribution. Since the packages are modular based, a system can be built that is right for you.

CDEX Data Exchange

CDEX is an extension of the Check Stub System, where the oil and gas income information is downloaded via internet instead of entered manually from the check stub.

Features include:

• Eliminates entry errors
• Reduces data entry time to zero
• Prints an edit list to check and correct any errors prior to importing into WolfePak

Check Stub Entry

The Check Stub Entry System allows oil & gas operators to track payments received from purchasers. It also helps ensure that all checks are received, and provides information to verify the 1099s sent by purchasers. The optional CDEX system takes it a step further, and allows payment information direct from modem, without having to type in the information from check stubs.

Features of the Check Stub Entry System include:

• Cross-reference by purchaser’s lease number and your lease number
• Optional CDEX interface to download check detail from major purchasers via modem
• Track purchaser payments to ensure all checks have been received
• Print missing payments reports by operator or by purchaser
• For the investor: books the owner’s share to the income/expense accounts
• For the operator: books the amount to be distributed to revenue payable
• Entries are created in WolfePak’s Revenue system for amounts to be distributed
• Generate historical reports for 100% and owner’s share:
  • by lease
  • by purchaser
  • by product
  • by production month
  • by deposit date
  • or any combination of the above

Joint Interest Billing (JIB)

Adding WolfePak’s Joint Interest Billing and Revenue Disbursement modules to its powerful financial system creates a complete, fully integrated accounting system for the oil and gas operator. At the touch of a button, print Joint Interest Billing statements, disburse revenue, or produce ýnetý checks for selected owners. The system includes the ability to automatically pay invoices based on due date, and generate past-due notices to investors who have failed to send in their payments. Financial reporting capabilities include complete summary and detail reports, as well as detailed trend reports by lease. Other features include:

• General Ledger entries can be created automatically for the personal books of any investor
• Any entry can contain over 100 lines of description, allowing full explanations of any item
• Restart the JIB process as many times as necessary
• Print the detail of charges and review, making changes as needed prior to printing the owner’s invoices
• Full restart capabilities on all reports
• Print a year-to-date billing summary for any investor by lease and expense type
• Invoice each owner for their share of an AFE cash call
• Company’s share of expenses are automatically booked to the proper general ledger accounts
• Copy a division of interest from one lease to another
• Option to print combined revenue and JIB statement
• Errors can be easily corrected and the billing reprinted as if the errors never occurred
• Bills only the leases and/or items you are ready to bill
• Recurring expenses (ex: overhead, pumper, etc) are booked automatically
• Produce multiple billings in one month, without duplicate billing if necessary
• Print the owner’s invoices in owner sequence
• Print owner labels for any lease or range of leases
• Enter AFE budgets and produce variance reports for each lease
• Prepayments can be applied automatically against the actual billing
• Unlimited number of owners per lease
• JIB charges can be summarized on the statement by lease, type of expense, or prospect

Land Management

WolfePak’s Land Management System allows you to keep track of the critical land and lease information. Never again worry about missing a delay rental, shut-in royalty, minimum royalty, or service charge. The Land system is also integrated with other WolfePak modules to allow you to easily trace the overall financial picture of your company.

Features include:

• Produces payments due listing for review before checks/drafts are written
• Comprehensive lease information including general description and payment information, legal description, special provisions (obligations, restrictions, limitations) plus 18 user-defined fields
• Track prospect information by both leased acreage and developed acreage as well as the individual tracts with a prospect
• All description fields allow up to 4000 characters of data each
• Tracks inception-to-date expense totals
• Lease contract information at your fingertips. Instant inquiry on screen
• An easy to use custom user-defined information screen with up to 18 data items
• Creates accounts payable entries to write checks/drafts for bonus payments, delay rentals, minimum royalty, shut-in fees and service charges due to surface/mineral rights owners
• Unlimited date sequenced notes for each project, tract, lease contract, owner/lessor, renter/lessee
• Complete producing property information database from acquisition date to plugging
• Complete form 1099-MISC reporting
• Processes multiple companies

Production Reporting

WolfePak’s Production Reporting System provides a quick and easy way to generate state-required reports and production information on an unlimited number of leases. Daily run ticket information is used to track and summarize production on a daily, monthly, and annual basis.

Using a powerful graph generator, the system can display up to 30 years of production history on a single chart. Bar, area, log or linear charts can be viewed on any VGA monitor, or printed to most printers.

Other features include:

• Calculate production and on-hand volumes from pumpers gauge reports
• Interfaces with WolfePak’s Check Stub Entry program
• Handles an unlimited number of leases
• Keeps ongoing history of posted oil prices
• Maintains and lists purchaser’s gravity scale adjustment table
• Performs complete run ticket calculation
• Prints Texas and New Mexico required reports
• Interfaces with WolfePak’s JIB system to print production trend reports
• Print daily gauge reports
• Manages purchaser price contracts
• Maintain field location, description, and notes
• Interfaces with Field Direct for Import of Field Data

Revenue Distribution

Adding WolfePak’s Joint Interest Billing and Revenue Disbursement modules to its powerful financial system creates a complete, fully integrated accounting system for the oil and gas operator. At the touch of a button, print Joint Interest Billing statements, disburse revenue, or produce ýnetý checks for selected owners. The system includes the ability to automatically pay invoices based on due date, and generate past-due notices to investors who have failed to send in their payments. Financial reporting capabilities include complete summary and detail reports, as well as detailed trend reports by lease. Other features include:

• General Ledger entries can be automatically created for the personal books of any owner
• Offers unlimited number of owners per lease
• Can disburse oil, gas, condensate and plant products for the same lease
• Checks can also be used for Accounts Payable
• Check Stub contains both 100% and owner’s amounts
• Can uniformly hold all payments to an owner
• Interests can be placed in legal suspense with up to 98 different reason codes
• Reports include: Detail Check Register, Distribution by Lease, Petty and Legal Suspense Lists
• Copy a division of interest from one lease to another
• Maintain from one to three different addresses for each owner:
  • Where checks are sent
  • Where the year-end tax information is sent
  • Where the Joint Interest Billing is sent
• Deducts any amounts owed by the owner and produces a net check (owner-by-owner option)
• An owner’s check stub detail can be printed for any date range
• An owner may have multiple interest types
• Print checks using a standard check format or customize it to your check stock
• Print check stub overflow by voiding the next check or printing separate attachments on stock paper
• Define one of four petty suspense limits on an owner-by-owner basis
• Print year-to-date check stub totals broken down by both working and royalty interests
• Petty suspense can be flushed at any time
• Print labels for all owners, or for all the owners in a specific lease
• Voided check detail can automatically be entered to suspense
• Handles distributions:
  • Less than 100% leases
  • To entities which are not taxed
• Redistribute an owner’s suspense entries to another owner(s)
• Division of interest can be listed by lease or by owner