Category Archives for Uncategorized

#041: Uplevel Your Oil And Gas Accounting with Martindale Consultants

On this week’s episode, Tom and Phil are joined by the team from Martindale Consultants. Roger Gann, CEO and president, Rick Roybal, Vendor Compliance Manager, Rick Jones, Accounting Manager and Ryan Woolery, Regulatory Reporting Manager, all join the discussion to talk about the different services they offer to their clients. They also share success stories in each area, like helping a company that was 12 months behind on their accounting get caught up, finding a compliance issue in a contract that brought money back into the client’s company, and helping a company with reporting on over 

800 wells.

Highlights:

2:18 Happy 40th Anniversary to Martindale Consultants!

7:43 Martindale Consultant’s typical client

8:56 The top consulting areas that Martindale offers to the upstream oil and gas industry

11:50 Ryan Woolery on regulatory services and what precipitates a need for consulting in that area

20:40 Rick Roybal on vendor risk management audit services that are offered at Martindale

27:07 Rick shares a vendor audit success story

30:02 The upsides of outsourcing your accounting with Rick Jones

Connect with Martindale Consultants:

www.marticons.com

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.www.copas.org

#040: Uplevel Your Oil and Gas Upstream Accounting with Magnum Forge

This week’s episode is part one of a series that highlights oil and gas upstream consulting firms. Today’s guest is Russell Corl, a managing partner at Magnum Forge. Russell gives us an inside look at the struggles some of his clients, especially with regards to becoming more efficient and automating as much backend as possible, and how his consulting firm partners with operators to do just that. Magnum Forge is always excited to meet new clients and help them do a better job of running their systems so they can focus on what they’re best at, which is producing oil and gas.Tom, Phil and Russell discuss the top four areas of consulting that Magnum Force provides to the upstream oil and gas industry and why building and cultivating relationships is so important to his company.

Highlights:

1:49 From the IRS to a boutique consultancy

4:36 Magnum Forge and the clients they serve

9:12 Why relationship building is so important at Magnum Forge

13:54 How Magnum Forge helps select and implement big software migrations and decisions

20:52 Some of the pitfalls that are possible when you don’t have the help of a consulting company

23:02 What precipitates the need for a consultant in the area of acquisition 

27:51 How to optimize the accounting platform you’re using

About Russell Corl:

Since beginning his consulting career in 1996, Russell has focused on developing strategies to ensure the effective use of IT. His background includes an in-depth understanding of accounting and finance, operations, and technology. He has led multiple IT and application projects focused on financial applications, ERP, custom development, and cross-system reporting and integration. His specialties lie in troubled ERP systems, complex system implementations, and significant financial or cost accounting reporting issues.

Russell’s clients include major international oil companies and independent E&P companies. He has assisted most of these clients with software selection, implementation, and enhancement projects that span the entire enterprise. He has also led efforts to redesign and implement new data collection and reporting processes, including technology, training, and change management.

Russell received a Bachelor of Science and a Master’s of Business Administration from The University of Texas at Austin.

Connect with Russell Corl:

www.magnumforge.com

https://www.linkedin.com/company/magnum-forge

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#039: How To Start A Successful Bitcoin Mining Operation Using Natural Gas with Chris Halvorson

On this week’s episode, Tom and Phil are joined by Christopher Halvorson, co-founder and CEO of Pin Oak Energy Partners, LLC. He is also the President of Magellan Scientific, LLC. Christopher shares his journey with mining cryptocurrency that started in 2019 when he was approached about buying stranded natural gas in well sites and using it to mine cryptocurrency. He talks about the importance of understanding the capital and expense side of crypto-mining before getting started with it, the learning curve involved and the lessons he has learned so far.

Highlights:

3:58 Stepping into bitcoin mining

6:48 How to get started with cryptocurrency

12:37 A ‘walk before you run’ process

17:04 Application Specific Integrated Circuits(ASICs) and their cost

21:14 The benefits of being off-grid for Magellan LLC

28:19 Handling security at data centers

35:29 Effects of mining with natural gas on the lease agreement

40:26 Lessons Christopher has learned during his time mining

About Christopher Halvorson:

Christopher Halvorson is the co-founder and CEO of Pin Oak Energy Partners, LLC. He is also the President of Magellan Scientific, LLC an off-grid, decentralized digital asset technology company supporting blockchain ecosystems. Mr. Halvorson has 25 years of proven financial and corporate leadership experience with a track record of creating value for both investors and stakeholders alike.

Connect with Christopher:

[email protected]

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#038: Holdbacks As A Possible Solution to Plugging Liabilities with Dwayne Purvis

On this week’s episode, Tom and Phil are joined by Dwayne Purvis, a reservoir engineer and consultant. Dwayne shares his insight on Asset Retirement Obligations, most notably, well plugging liabilities.There are currently anywhere from 2 million to 2.5 million wells that need to be plugged nationwide. Dwayne came up with holdbacks as a way to cover well plugging liabilities by using all net income from a well during certain time periods. Tom, Phil and Dwayne discuss why this is an ongoing issue in the oil and gas world and Dwayne shares why he believes holdbacks could be part of the solution.

Highlights:

2:46 What are Asset Retirement Obligations?

8:43 The estimated number of wells that need to be plugged

11:47 What states have done to avoid the liability of plugging wells

13:43 The problem with using cash flows to fund plugging

14:52 What is a holdback?

19:49 Implications of holdbacks on joint operating agreements

24:11 Why PDP is actually high risk

27:03 ‘You can’t change what you don’t measure.’

About Dwayne Purvis:

Dwayne Purvis, P.E. offers consulting and advisory services for the oil and gas industry, building on two and a half decades in reservoir engineering and executive leadership as a consultant and operator. From engineering studies and reserve reports to strategic decision-making, Mr. Purvis helps operators and investors with reliable analysis for prudent decisions.

He has led or participated in hundreds of engineering studies over dozens of basins in the United States and abroad and advised on tactical and strategic decisions large and small. Mr. Purvis frequently speaks and writes on issues of shale reservoirs, the energy transition, commodity prices, decline curve analysis, and risk analysis.

He is a registered professional engineer in the state of Texas, member of SPEE, AAPG, SEG, SIPES and an active, 25-year member of SPE.

Connect with Dwayne:

www.dpurvisPE.com

https://www.linkedin.com/in/dpurvispe/

Twitter @dpurvisPE

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#037: The COPAS Spring Meeting Is Back In Person!

On this week’s episode, Tom and Phil are joined by three guests in charge of bringing the Spring COPAS meeting back in person after a two-year hiatus. Our guests today are Jennifer McKellar, Karla Zawodny and Ilene Grygar, members of the Petroleum Society of Houston, better known as PASH. Karla currently serves as PASH President and Jennifer is a co-chair. The COPAS Spring Meeting is an opportunity for members of COPAS to come together and vote on different documents that pertain to different areas of oil and gas accounting.  Find out how they had to plan it this year in a post-COVID world, and what is on the schedule for attendees and what everyone most looks forward to each year including The Revenue Committee, The Small Companies Committee and Phil’s favorite, The Hallway Track.

The Spring COPAS meeting takes place April 25-29 at The San Luis Resort in Galveston Texas. Registration is open until Aprill 1,2022. For more information, see the events website here.

Highlights:

6:03 What events are highlighted this year

8:15 Vital documents for oil and gas accountants

9:18 The best part of COPAS meetings

12:57 Why everyone comes year after year

13:41 The little known “hallway track”

17:11 What CPE credits are available

24:21 How to register for the meeting

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#036: Women In The Oil And Gas Industry: Part 4 with Ginnie Vierra

We’re back with Part 4 of a series that will highlight the voices and experiences of women across the oil and gas industry. Sarah Magruder, President of Safire Oil and Gas Consulting is back as a guest co-host. Sarah, Tom and Phil welcome our next guest, Ginnie Vierra. Ginnie is a Vice President of Finance & Accounting at Presidio Petroleum. She shares how she got started in oil and gas, how her company supports family mindset and all the different hats she wears both in work and in life.

Highlights:

3:12 Ginnie’s childhood aspirations

4:09 Family in the industry

6:01 Ginnie’s career track

10:07 Marriage, motherhood and the industry

11::56 How Presidio supports family mindset

14:27 Kids and pigs

19:07 Support makes all the difference

26:38 A really exciting transaction

30:57 New ways of communic’ation

About Ginnie Vierra:

Ginnie joined the Presidio team as the Controller in June 2018 with 7 years (10 years total now) of energy accounting experience. Prior to joining Presidio, she began her energy career with Silver Oak Energy, LLC, then as the Controller for Broad Oak Energy II, LLC, both funded by Encap Investments LP.

She graduated from Texas Tech University with a BA in Accounting and The University of Texas at Arlington with a MSA in Accounting. She lives north of Fort Worth with her husband Brad and two sons, Brooks (7 yrs old) and Kason (5 yrs old).

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#035: Women In The Oil And Gas Industry: Part 3 with Ashly Wolicki

We’re back with Part 3 of a series that will highlight the voices and experiences of women across the oil and gas industry. Sarah Magruder, President of Safire Oil and Gas Consulting is back as a guest co-host. Sarah, Tom and Phil welcome our next guest, Ashly Wolicki. Ashly is Vice President and Chief Accounting Officer for Jonah Energy. She shares with us what’s different about Jonah Energy, her thoughts on the importance of recognition in the workplace by leadership, the best advice she has ever received.

Highlights:

3:12 Ashly’s childhood aspirations

6:54 Ashly’s career track

9:01 The value of learning over compensation

17:38 The importance of empathy when it comes to leading a team

19:27 Why producers are seeking responsibly sourced and produced dry gas

21:10 Recognition by leaders in the workplace

23:38 Being a role model

30:35 Recognizing the power of patience in the industry

About Ashly Wolicki:

Ashly Wolicki currently serves as the Vice President and Chief Accounting Officer for Jonah Energy, headquartered in Denver, CO.  Prior to joining Jonah in 2017, Ashly served in various accounting leadership positions in oil and gas as well as in financial services.  Ashly received her B.S. in Finance from Metropolitan State University and later received her MBA from Regis University.  Professionally, her goals are focused on leading teams rooted in integrity, in a manner that leads to employees feeling empowered and valued.  She believes this is a recipe for high-performance, both for the employee and for the organization. When Ashly is not working, she enjoys spending time outdoors, preferably in warm weather, with her husband, two kids, and two dogs! 

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#034: Women In The Oil And Gas Industry: Part 2 with Jennifer Stewart

We’re back with Part 2 of a series that will highlight the voices and experiences of women across the oil and gas industry. Sarah Magruder, President of Safire Oil and Gas Consulting is back as a guest co-host. Sarah,  Tom and Phil welcome our next guest, Jennifer Stewart.Jennifer shares a variety of her career experiences from being a child support enforcement officer to interim CFO,which roles were most fulfilling for her and her thoughts on whether work-life balance can be achieved.

Highlights:

1:52 Jennifer’s six to eight roles within her company

6:43 Jennifer’s start in accounting

11:25 An organic career track

12:34 Diversity as a decision tool

19:27 Why producers are seeking responsibly sourced and produced dry gas

21:37 The most difficult part of being a CFO

33:54 Why so many talented women have left the oil and gas industry

37:53 Why flexibility makes more sense than rigidity around your employees

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#033: Women In The Oil And Gas Industry: Sarah Magruder

 Women make up around 22% of the workforce in the oil and gas industry. This week is the start of a series that will highlight the voices and experiences of women across the industry. The first guest in the Series is one of our previous guests, Sarah Magruder. Sarah is the President of Safire Oil and Gas Consulting. She talks with Tom and Phil about her experiences as a woman in the industry and how it has evolved as she became a wife and a mother. They also discuss the changes that have occurred in the workplace both over the years, and during Covid and The Great Resignation.

Highlights:

2:15 The start of Safire Oil and Gas Consulting

5:21 Almost a veterinarian

10:21 From entry level to CEO

13:20 Working with a great group of people

15:53 How marriage and motherhood changed Sarah’s worklife

21:25 Covid and The Great Resignation

32:18 How different companies are promoting and highlighting women

35:50 The best industry advice Sarah ever received 

About Sarah Magruder:

Sarah Magruder is President of Safire Oil and Gas Consulting, a severance tax consulting group based out of Houston, Texas. Sarah holds a bachelor’s degree in finance from LSU and her MBA from the University of Houston. Sarah spent her almost 19-year career in severance tax, splitting her time between working directly in medium and large oil and gas companies. And as an outside consultant, is an active member of the Petroleum Accounting Society Houston, where she chairs the golf committee and is a presenter at the revenue committee, as well as an education day sponsor and presenter. Sarah has also been a speaker at numerous COPAS meetings from outside of the Houston area and presented multiple times at the API severance tax forum. She lives in Montgomery, Texas with her husband, four year old son, five horses, and two dogs.

Connect with Sarah:

Sarah can be contacted via email: [email protected]

Safire Oil & Gas Consulting’s website is www.safireogc.com.

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#031: How WolfePak Software Automates the Upstream Oil And Gas Industry

This week’s episode of the Oil and Gas Accounting Podcast is part two of a series in which Tom and Phil dive into the different software applications available to operators and accountants in the industry. This weeks features Brent Rhymes, CEO of WolfePak Software. They discuss the different pain points that this software addresses and how they are changing the game for smaller operators using automation.

Highlights:

1:37 Brent Rhymes, software developer and four time CEO

4:02 How WolfePak got started

6:09 The problems WolfePak solves in the upstream industry

8:52 The importance of automation

11:28 Solutions for midstream users

14:23 Other industry segments that WolfePak serves

18:52 New product announcements

20:28 Who WolfePak software is best for

About Brent Rhymes:

Brent Rhymes is the chief executive officer of WolfePak Software, where he has served since 2017. Prior to WolfePak, Brent was the executive vice president of sales and marketing for Synacor, and before that, he served as the CEO of Zimbra (sold to Synacor), CEO of iWave Software (sold to EMC), was the co-founder and vice president of FileKeeper (sold to Yosemite Technologies) and CEO of Software Realization (sold to NetIQ Corporation). Brent started his career as a software developer, consultant and manager with stints at Microsoft, IBM, Exxon and NASA’s Johnson Space Center (IBM contract). He brings more than 31 years of software executive leadership to the team.

Brent received his BS in computer science from the University of Tennessee, Knoxville, and his MBA from the University of St. Thomas in Texas. He currently lives in Abilene and owns Rancho de Rhymes, LLC, a small-scale cow-calf cattle ranch located in West Texas.

Connect with Brent:

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

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