Taking a Proactive Approach to Regulatory Compliance
Accounting software can help streamline and automate processes, but it cannot think for itself. Oftentimes companies are unaware issues exist within their regulatory reporting, and do not employ personnel with the skills to identify specific systemic errors and or deficiencies.
These issues can be exacerbated by the frequent changes in the rules and guidelines set forth by the ONRR, and state agencies, which together make it difficult to maintain regulatory compliance and avoid civil penalties. This leads to significant missed opportunities to reduce royalty and severance tax burdens and puts companies at risk for unfavorable ONRR and State audit findings and interest assessments.
At Corvus, we take a proactive approach to regulatory compliance. We work with clients to really understand their full accounting process, challenges and limitations. Once we have a complete picture, we develop and execute on a plan to identify systemic errors in existing processes and quantify potential risk exposure.
Our Regulatory Compliance services include:
- Thoroughly reviewing operational agreements, including JOAs, PHAs, and GBAs
- Preparing marketing summary outline resource movements from wellhead to end user
- Developing asset-specific valuation models that align with latest ONRR and State guidelines
- Determining the ideal application configuration to achieve desired outcomes and ensure compliance
- Producing a comprehensive report that:
- Analyzes gaps, needs, and document requirements
- Identifies material systemic errors
- Quantifies potential risk exposure
Producers can take a proactive approach ensuring compliance with regulatory obligations for state and federal leases.
Our team understands the oil and gas business and how to:
- Leverage your existing software to efficiently produce the most accurate results for ONRR and State compliance
- Effectively identify systemic errors
We have recovered or saved more than $40 million for our clients, paying for ourselves many times over.
We identify opportunities to reduce future costs related to:
- Systemic accounting errors
- Regulatory audits
- Interest bills
- We help you manage your SG&A by taking the guesswork out of standard consulting costs. We offer customizable service packages with turn-key rates, so you know exactly what you’re getting and for how much.
We don’t do what’s easy or off the shelf; we pursue custom, innovative solutions that will positively impact your operations – within accounting and other functions. We understand that every client and every asset is different. That’s why we scale our review to meet your specific needs. This can include:
- Currently producing properties
- Past properties with in the statute of limitations
- Recently acquired properties
- As part of Due Diligence for potential purchase