Our Services

Peterson Energy Operating, Inc. is able to provide a range of accounting services for the oil and gas industry. Besides developing and implementing prudent accounting policies and procedures, all accounting functions and processes are closely supervised. The following outlines a list of functions we provide on a routine basis:

Accounts Payable:

Review invoices
Code invoices to appropriate general ledger or JIB billing categories
Input invoices into oil and gas accounting system
Review and pay invoices within terms
Annual 1099 reporting

 Accounts Receivable:

Receive and apply Joint Interest Billing payments
Receive, match and apply payments to appropriate invoices

Joint Interest Billing:

Allocate invoices to working interest owners
Review categories of expenses for tax purposes
Review costs, create invoices and mail Joint Interest Billings
Monitor payout calculations and statements
Net revenue and Joint Interest Billings as appropriate

Oil and Gas Revenue:

Review pumper reports and compare with purchaser tickets
Review and input gross sales proceeds
Process and review sales and applicable tax deducts
Review reports identifying owner payments and review suspense items
Process oil and gas revenue distribution
State and Federal royalty reporting

Production Taxes:

Calculate, prepare, review and pay monthly conservation and severance tax reports
Calculate, prepare, review and pay state and federal royalty reports
Account for and monitor escrowed ad valorem taxes
Calculate netback expenses in order to reduce ad valorem tax liability
Pay annual ad valorem taxes
Reconcile ad valorem tax payments with ad valorem tax accruals
Refund any excess ad valorem tax withheld

Sales Taxes:

Prepare any applicable sales tax reports to state
Review sales tax reports and make payments

 General Ledger:

Monthly journal entries as appropriate
Cash & bank reconciliations

 Master Files:

Set up and maintain master files on wells, owners and chart of accounts
Set up vendors, customers, and decks for joint interest owners and revenue owners


Prepare financial statements: balance sheet, income statement and cash flows
Prepare trial balance
Prepare lease operating statements
Prepare Authorization for Expenditures (AFEs)
Monitor AFEs and prepare AFE variance reports