Services - PetroSource LLC

Complete Oil and Gas Solutions

Industry-specific Technology

From clerical tasks to preparing financial statements, PetroSource can provide all your accounting 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.) Click on the icons below to view more information about our most commonly used services.

Customer Preferred Services

Click on the icons below to view more information about our most commonly used services.

Revenue Distribution

Joint Interest Billing

Accounts Receivable

Accounts Payable

Severance Taxes and Reporting

General Ledger and Financial Reporting

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

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

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

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

Severance Taxes and Reporting

Reports created and submitted to state taxing authorities when applicable
Payments generated and submitted to state entities
Reports and payments prepared for Minerals Management Service (MMS)
Reports and payments prepared for General Land Office (GLO)

General Ledger and Financial Reporting

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