Heritage’s Oil & Gas Management Services
A lease is the most important document for a property owner in the entire mineral exploration and production process. It is the contract that determines activity and revenue for the life of the well. If specific needs and terms are not addressed in the lease, an individual or company could be at a disadvantage for as long as the well is in production.
Aside from the lease, there are other contractual agreements that landowners enter into that can affect their property. Heritage combines a proactive management style with experience, research, and technology to provide contract negotiation services that are second to none. Each contract is tailored to meet the specific needs of the client, protect specific aspects of each property and secure the most profitable terms for the collection of royalties.
Oil and Gas Accounting
Heritage uses a proprietary, state-of-the-art accounting and audit system that verifies interest decimals and conducts monthly payor audits to ensure timely and accurate payment. We also provide specialized 1099 verification and summary reports that greatly simplify tax reporting and preparation.
Companies that distribute revenue to royalty owners issue division orders prior to payment. Division orders can be confusing. Heritage analyzes and verifies all division orders to ensure accurate payment for our clients. To date, we have recovered over $25 million in revenue for our clients.
Knowing what one owns is essential to managing property well. Property owners often have some understanding of the surface that is owned, but many times do not have a complete, updated or accurate listing of mineral interest ownership. Many times landowners have a claim to mineral interests for which they are not being credited. If these mineral interests are located in a producing unit, the results could be costly.
In addition to developing mineral inventories, Heritage routinely generates customized maps of client properties that detail well locations, units, open and leased acreage (including depths), operators, well serial numbers, etc. and actively monitors lease schedules to track acreage that might be available to lease.
Managing mineral assets can be complicated. Making the best decisions involves understanding the constantly changing property market, evaluating oil and gas industry trends, managing documents and productivity reports, and adjusting quickly to new market conditions —all of which is time-consuming. And since agreements executed without professional expertise and assistance often place the landowner at a disadvantage, opportunities and profits may be lost.