Getting Started
A Smooth Transition: Getting Started With ExTex
To schedule a free consultation, please call (303) 463-8799 or fill out our contact form.
Outsourcing some or all of your oil and gas back office to a new company might seem daunting (and a little unnerving), but with the right support, it doesn’t have to be!
At ExTex, our top priority is to make the transition as smooth, seamless, and stress-free as possible!
From your first contact with us to the “go live” date and beyond, we take a collaborative, organized approach to make sure that everything goes smoothly.
We conduct a thorough review of your existing records, validate ownership data, and identify any title or payment discrepancies early on. We will coordinate with your accounting and land departments to streamline data migration, minimize disruption, and maintain compliance.
Whether you are addressing past issues, expanding, or moving over from another division order company, we provide a clear roadmap and hands-on support every step of the way.
Below is a high-level look at our onboarding process.
Initial Consultation
In a free consultation, we find out what you need and how we can meet your needs. Based on the scope of work, we provide a quote for the division order services you need.
Signed Agreement
We sign an agreement with you for some or all of our division order services (well, division order, title, revenue accounting, and/or tax accounting).
Implementation Plan
Based on preferences, we create a plan to implement our various services, all at once or in phases.
Introductory Meetings
We hold a series of introductory meetings, between your key people and your key contacts on our team.
Data Transfer
We request data from you and work with your team to ensure that data is transferred accurately and securely. We use state-of-the-art software and proprietary systems and procedures to ensure confidentiality and integrity throughout the entire process. We work closely with your accounting and IT teams to verify accuracy and completeness.
Property Information: We obtain property information for all of your wells and leases and tie that information to the division of interest and tax and regulatory requirements.
Division Of Interest (DOI) Information: We receive detailed division of interest ownership information, including each owner’s decimal interest and payment status.
Suspense Information / Unclaimed Property: We collect suspense information and unclaimed property information from you.
Regulatory Information: We get regulatory and compliance information from you.
Data Validation
We cross-check ownership interest, property information, payment histories, and more. We then resolve any outstanding discrepancies and track down any missing information.
Dry Run
To ensure accuracy, we perform a test run of revenue distribution and reporting and validate all of the calculations.
Mirror Process
Before we go live, if you would like, we can implement a “mirror” process, in which you are still responsible for all of your division order tasks for 1-2 months, while we mirror what you are doing. You can then do your own internal audit to make sure that everything is correct before you fully turn over the responsibilities to ExTex.
Go Live
Once we have formal approval from all of the members on your team who need to sign off on going live, we go live!
Transition Letters To Royalty Owners
We send a letter to royalty owners, explaining that they will now be receiving checks from ExTex and that they should contact ExTex with any questions, changes of address, transfer of ownership, etc.
Timeframe
From signed agreement to “go live,” it typically takes 30-90 days.
For more information about our onboarding process for oil and gas purchasers and operators, or to schedule a free consultation, call (303) 463-8799 or fill out our contact form.
ExTex Division Order Services, LLC is located in the Denver metro area (in Golden, Colorado), and we provide back office outsourcing services for oil and gas companies across the U.S. and Canada.