Does your current CPA firm or accounting staff understand what can be billed out to the other working interest owners in the wells that your company operates? If not your company could be absorbing 100% of expenses that could be billed out to your other working interest owners as provided for in your joint operating agreement.
Petroleum Accounting Consultants, PLLC has an in-depth knowledge of accounting for oil and gas joint operations. Many oil and gas companies do not bill out all the charges that they are entitled to under their joint operating agreement which costs the operator thousands of dollars. This can occur because most companies joint interest personnel do not know the industry standards and are not familiar with joint operating agreements.
