Texhoma Land Consultants has been tracking and reporting our client’s leasehold position in various shale plays for over 20 years. Our systems and processes have been tested tough and now provide our clients with a real-time accounting of their holdings, fully reconciled and processed and with virtually any type of additional information or report that they need. To meet one of our client’s needs, we supply a report to them that is used in their SEC filings. The tracking and reporting of leases bought is a thankless, but necessary, part of lease buying and acquisitions. Let our experienced team take over this task for you.
Executive Summary Preparation
New leases
Renewals
Top leases
Extensions
Working Interest assignments
Quit-Claim Deeds
Amendments
Corrections
Track existence and type of Pugh Clause; Land Portal can distinguish acres inside and outside of a producing unit
Track depths covered and all major lease clauses
Perform logic checks prior to upload into Land Portal
Real-time reporting
Compile report based on reporting from satellite offices
Report weekly to client’s land department
Data Maintenance
Vest top leases
Tie lease bonus to general ledger (GL) account
Reconcile to client’s systems
Prepare expired lease report
Process change requests
Meet auditor required time limits
Check Approval Process
Approve all bonus checks based on review of preliminary lease packages
Any errors resolved and/or curative obtained prior to check approval
HBO/HBP Status
Review recorded declaration of units (DOU) and 1st sales notices
Maintain a master log of activity
Update lease records in Land Portal
Lease and 3rd Party Processing
Prepare and submit to client a completely processed lease package
Process all 3rd Party assignments, including trades and miscellaneous working interest assignments
Budget & Compliance Reports
Prepare a monthly report detailing new leasehold, bonus/acre paid and total bonus
Reconcile and report bonus impairments monthly and quarterly
Work closely with client’s auditors and Accounting Department
Establish cross-reference table to client systems
Reconcile Land Portal to client’s systems
Attain audit-prescribed thresholds on reconciliations, otherwise, the audit control will fail
