1. Oil and Gas Subject Matter Expertise
Sirius Solutions, L.L.L.P. Sirius Solutions is not a CPA firm
A. Revenue Accounting
a. Record volumes, sales values, transportation charges, other
deductions and severance taxes into accounting records;
b. Generate monthly revenue/royalty distributions;
c. Prepare and file severance tax and compliance reports
including MMS;
d. Generate monthly revenue accruals for estimate to actuals;
e. Generate gas balancing statements;
f. Reconcile gas balancing statements provided by other
operators;
g. Calculate and disburse net profit interests;
h. Reconcile related general ledger accounts;
i. Compare calculated sales volumes to revenue received
B. Accounts Payable
a. Prepare operated invoices for payment;
b. Prepare non-operated joint interest billings for payment;
c. Reconcile prepayment balances;
d. Monitor payout balances associated with outside operated
interests;
e. Generate A/P checks;
f. Coordinate payments with vendors;
g. Code operated and non-operated A/P invoices;
h. Reconcile related general ledger accounts
C. Accounts Receivable
a. Process revenue and accounts receivable cash receipts;
b. Pursue collection of joint interest receivables;
c. Monitor aging of A/R balances;
d. Reconcile related general ledger accounts
D. Ad Valorem Tax Service
a. Provide any level of appraisal services;
b. Review current tax assessments for possible tax savings;
c. Review and file appropriate renditions annually;
d. Negotiate and appeal taxable values;
e. Provide automated tax payment data and monitor delinquent
taxes;
f. Report and pay taxes
E. Joint Interest & Property
a. Calculate and maintain payout balances;
b. Record monthly Council of Petroleum Accountants Societies
(COPAS) overhead rates;
c. Record monthly Petroleum Motor Transport Associations
(PMTA) rates and other rental equipment charges;
d. Record and maintain monthly allocation charges;
e. Generate monthly joint interest billings;
f. Perform monthly Lease Operating Expense (LOE) and
capital cost accruals;
g. Coordinate joint interest audits by non-operator working
interest owners of company operated properties;
h. Select and conduct joint interest revenue and expense audits
of non-operated properties;
i. Set up and monitor Authority for Expenditure (AFE)
balances;
j. Record material transfers;
k. Record lease rentals;
l. Provide detailed expense and capital analyses to field
locations;
m. Monitor and analyze undeveloped leasehold costs;
n. Prepare property cost reports for client analysis on a periodic
basis;
o. Maintain pipeline balancing.
F. Land Records
a. Analyze, set up and maintain leases on the Land Lease
Records System;
b. Provide flexible report generation for client, including
gross/net acreage, rental obligations, and drilling
commitments;
c. Payment of lease delay rentals, minimum royalties, shut-in
royalties and lease obligations;
d. Acquire title opinions and title curative for drilling purposes
and division orders;
e. Prepare and process division orders and maintain division of
interests;
f. Prepare letter-in-lieu and/or transfer orders for acquisitions
and divestitures;
g. Review and/or negotiate joint operating agreements, farm-out
agreements, acquisitions/divestitures, etc.;
h. Respond to landowner inquiries
G. Property Accounting
a. Records asset acquisitions, transfers, retirements and
abandonments;
b. Reconciles AFEs (Authority For Expenditures);
c. Close completed AFEs to dry hole expense or Fixed Assets
for successful efforts;
d. Calculates net book values for property sales;
e. Calculate and record DD&A;
f. Determine and record asset retirement obligations in
accordance with ASC 410 (SFAS 143);
g. Analyze and determine asset impairments in accordance with
ASC 360 (SFAS 144);
h. Performs property tax reporting.
H. Management and Financial Reporting
a. Assist in preparation of data for registration statements,
carve-out accounting, SEC form 10-Q and Form 10-K and all
SEC Act 33 and 34 filings;
b. Disclose Oil and Gas producing activities in accordance with
ASC 932 (FAS 69) including reserve estimates and
standardized measure of oil and gas reserves (SMOG).
c. Prepare Federal Energy Regulatory Commission (FERC)
Form 6 and Texas Railroad Commission (TRC) annual
forms;
d. Writing accounting policies for all aspects of Oil and Gas
accounting;
e. Prepare cash flow projections;
f. Prepare monthly financial reporting package;
g. Prepare all interim and annual regulatory financial reporting
packages;
h. Prepare lease operating statements;
i. Assist in compilation of data for tax forms including K-1,
1065 and 1120, coupled with all aspects of ASC 740 (Fin 48
and FAS 109) accounting issues;
j. Generate 1099 reports;
k. Prepare financial statement fluctuation analyses;
l. Prepare production reporting to states and MMS;
m. Reconcile related general ledger accounts to all sub-ledgers
including fixed asset system.
I. Finance & Treasury
a. Establish investment banking relationships for public or
private offerings;
b. Assist in identifying short-term investment opportunities;
c. Lockbox collection for revenue receipts and remote
disbursement for payments to enhance cash management;
d. Reconcile bank statements