How do you best set up your oil and gas business for financial success? What about if you want to avoid a personal guarantee loan or are unsure of how to navigate the challenges that come with financing drilling and producing wells?
This week’s podcast guest is Milan Simic, a Strategic Solutions Advisor for a CPA firm who has many years of experience in the oil and gas industry. He shares how he first got into the oil and gas industry and the different positions he’s held over the course of his career. Milan and Phil chat about networking, the financial challenges of small oil and gas operators and strategies for those who want to avoid a personal guarantee loan.
If you want to hear the in’s and out’s of cash management and finances in the oil and gas industry, you’ll want to take a listen to this episode.
“Every operator has a different risk profile.”
– Milan Simic
2:48 How Milan initially got started in the oil and gas industry
5:05 Playing basketball while in college and deciding to take a different career path
6:27 Milan’s memories of working for Halliburton and traveling for the job
8:14 Transitioning to working as the President for an Enron family office
10:39 Mentors that made an impact on Milan’s careers
11:48 Why networking is crucial in any industry
13:28 What he does in his position at Adams, Brown, Beran & Ball, Chtd.
17:03 The financial challenges of small oil and gas operators
18:41 How they help those going through a growth process
21:14 Cash management strategies for operators
25:55 Strategies for avoiding a personal guarantee lender
28:03 Milan’s advice for oil and gas operators
In 2001, Simic graduated from Stephen F. Austin State University with a bachelor’s degree in finance and accounting. He spent five years as an internal auditor at a large oilfield service company and two and a half years as a business risk services consultant with a Big Four accounting firm. Before joining the firm, Milan served as the president of a family office operation. In this role, he was responsible for growing the business, including overseeing seventeen different oil and gas project acquisitions which ranked the family office in the top 300 operators in Texas. Simic lives in Hoisington with his wife Sarah and their three daughters, Sofia, Mila, and Ana.
LinkedIn | Call or text: 281-799-4315
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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.
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How do conventional wells look in Kansas right now, what issues are they lobbying for across the state and what’s on the horizon? Today Phil is chatting with Ed Cross, President of the Kansas Independent Oil & Gas Association (KIOGA) about how he got into the oil and gas industry and how he ended up working for KIOGA. You’ll hear about the state and federal issues that they’re fighting for and what has been going on in Kansas in the oil and gas industry. Ed shares what he’s most excited about and the importance of educating others on the importance of oil and gas.
2:48 How Ed got into the oil and gas industry
3:21 What Ed does as the President of the association
3:59 What is happening in KIOGA and the oil and gas industry currently
4:58 What they’re fighting for at the state level
5:40 The issues they deal with on the federal level
7:20 The outlook of conventional wells moving forward in Kansas
9:13 Production in Kansas dropping due to financial issues in 2014
10:05 Adjusting technology to be used in Kansas
10:30 What KIOGA will be advocating for in the upcoming months
12:30 What Ed is most excited about for the future of the oil and gas industry
Founded in 1937, the Kansas Independent Oil & Gas Association (KIOGA) is a nonprofit member organization representing independent oil and natural gas producers in Kansas, as well as allied service and supply companies. The purpose of KIOGA as stated in the original articles of incorporation, is “. . . to improve the market for oil and gas produced in Kansas and to promote the welfare of the oil and gas industry in the State of Kansas.”
Independent oil and natural gas producers are nonintegrated companies which receive nearly all their revenue from production at the wellhead. Independents are in the oil and natural gas exploration and production business and are not major integrated companies who also refine and market petroleum end-products. Independents account for 93% of the oil and 63% of the natural gas produced in Kansas. Nationally, independents drill 90% of domestic oil and natural gas wells and produce over 80% of America’s oil and natural gas.
With over 4,200 members, KIOGA is the lead state and national advocate for Kansas independent oil and natural gas producers. We are committed to ensuring that tomorrow’s energy policy will be one in which our members grow and prosper. Our active presence before the Kansas Legislature, U.S. Congress, state and federal regulatory agencies, and other governmental decision-makers means the concerns of Kansas independent oil and natural gas producers are heard in Topeka and Washington.
On today’s episode of the podcast, Eric Werdin, SherWare’s sales director, discusses the oil and gas industry in Kentucky with two leaders from the Kentucky Oil and Gas Association (KOGA), Ryan Watts, Executive Director, and Mark Hughes, President. They chat about the history of KOGA, the founding members of the organization and what KOGA does for the community in Kentucky. They also discuss the current state of oil and gas in Kentucky and their predictions on the future of the industry.
2:20 What Ryan and Mark do at KOGA
3:46 The history of oil and gas in Kentucky
6:09 The first well that was drilled in Kentucky
7:42 Who contributed to starting KOGA
9:15 The services that KOGA provides to the community
10:51 The current state and the future of oil and gas in Kentucky
13:07 The operators’ current concerns
17:15 The perception of oil and gas
The Kentucky Oil & Gas Association was formed in 1931 to represent the interests of Kentucky’s crude oil and natural gas industry, and more particularly, the independent crude oil and natural gas operators.
Our goals include promoting, protecting and advancing the interests of the oil and gas industry; opposing any unfair and unjust legislation which may adversely affect the oil and gas industry; and, disseminating reliable publicity to further and protect the oil and gas industry.
The Kentucky Oil & Gas Association is dedicated to the responsible production and conservation of Kentucky’s natural resources, while ensuring that its members are provided fair regulations, are educated on oil and gas issues, while protecting individual property rights, health, safety, and the environment.
Today on the podcast, Phil chats with Mark LaCour, a former market researcher who now produces some of the top podcasts in oil and gas. They chat about how he got started with the first podcast and how this led him and his team to create a number of other podcasts about the oil and gas industry. He shares what he has learned from the younger generation in the workforce about learning and networking. Mark also discusses a new AI technology he is developing to make recruiting the right employees for oil and gas much easier.
2:05 How Mark got started in oil and gas
4:57 Why the different sectors of the industry are so compartmentalized
6:39 The root of inefficiencies in the oil and gas industry
7:44 What ModalPoint is
9:43 How he got started with the first podcast
11:47 The current podcasts he runs and upcoming podcasts
13:07 Why a small, niche podcast is better
13:42 The hardest part about running his podcasts
15:02 What the Oil & Gas Global Network is
16:21 What Mark speaks about to other businesses
17:53 Mark’s happy hour events and how the younger workforce learns and networks
21:52 A software that Mark is developing
24:04 Challenge for the industry to change the negative public perception
Mark has lived at the intersection of Oil and Gas and Technology for over 20 years. Later he started his own market research company and has a well-earned reputation as an industry “insider” and independent 3rd party researcher. This led to him becoming a part of the new media, where he has the top podcasts in the oil and gas industry. He is a sought after public speaker, author, sits on several oil & gas boards and has one of the top oil & gas presences in social media.
All successful businesses have this in common: they hire the best people to work for them.
On today’s episode Tom Wierman, executive director of COPAS and Phil, discuss how to make a career in the oil and gas industry and what makes the difference between a job, and someone is the best in their field.
Tom Wierman is in his seventh year as COPAS Executive Director. Prior to that Tom worked as an E&P accountant for nearly 30 years. Tom held assignments in Wichita, São Paulo and Rio de Janeiro (Brazil) and Calgary Alberta (Canada).
Tom has served as a society president and a board member for both the Kansas and Canada societies. At the COPAS level, he served as Tax Committee Chair and was a board member for six years. In 2009 he served as COPAS president.
Tom was also a major contributor on the COPAS 50th Anniversary celebration in 2011. He was awarded the COPAS Eagle Award in 2013. Tom is married and has three children. Tom is involved in many different things. He is active in his church, directs a choir, is a past member of the school booster club, completed two terms as President of the Wichita Swim Club, and recently participated in several Habitat for Humanity building projects.
When he finds the time, he enjoys do-it-yourself projects around the house. He has found lifting weights to be an enjoyable activity and devoting more time to that whenever possible, especially now that he is retired from officiating soccer.
A decade ago the industry was looking bleak by many standards and the talk was spreading of reaching peak oil.
Fast-forward to today, and Jerry James, president of Artex Oil Company, is at the forefront of an American revolution of natural gas that’s taking the world by storm.
On today’s episode, Jerry James and Phil discuss how technology has turned the East Coast into a huge player for the Shale Crescent and what’s coming next for the industry.
• Which states collectively make-up 30 percent of the country’s natural gas supply
• Why natural gas is such a hot topic these days
• What global industries are moving into the Shale Crescent
• Find out how profit margin actually works in the oil and gas industry
Listen now to get the inside scoop on the hottest destination spot for companies worldwide.
Learn more about the Shale Crescent
Jerry resides in Marietta, Ohio. He holds a degree in Petroleum Engineering and has served as President of the Ohio Oil and Gas Association (OOGA) and chairman of the Ohio Oil and Gas Energy Education Program (OOGEEP).
In addition, he is a Registered Professional Engineer in Ohio, Kentucky, West Virginia, and Pennsylvania and a member of the Society of Petroleum Engineers, and Society of Petroleum Evaluation Engineers.
Jerry has served as President of Artex Oil Company since 1995. Prior to assuming his current role, he held positions with various major oil companies in Texas, Louisiana, and Wyoming and served as a petroleum engineering consultant for James Engineering, Inc. based in Ohio.
Jerry is a founder and vice-chairmen of Shale Crescent USA. an economic initiative to bring manufacturing jobs to the OH, WV, and PA region.