#014: How to Track Non-Operator Interests from an Accountant

On today’s episode, we chat with Wade Cox, Senior Accountant for JMA Energy Company, L.L.C. (JMA). He discusses the in’s and out’s of working as an accountant in the oil and gas industry. You’ll find out what Wade does accounting wise for JMA, how he keeps track of their oil and gas interests and the issues that come up in his profession. He also discusses what he does outside of his work with JMA as a tax professional.

Here are some of the things you can look forward to in this episode:

  • What Wade does as a CPA in the oil and gas industry
  • Reports that simplify Wade’s career
  • Wade’s experience with using Well Profits to track their clients’ interests
  • How Well Profits has helped eliminate human error

Highlights:

1:28 How Wade Got Started in the oil and gas industry
4:40 What Wade does accounting wise for JMA
6:10 How Wade keeps track of their oil and gas interests
7:51 The issues that come up when tracking non-operating interests
9:11 Revenue disbursement rules  
12:15 What reports make Wade’s job easier as a tax professional
15:05 The importance of being able to calculate the cost depletion
16:53 Wade’s experience with using the Well Profits software
19:02 How importing data has cut down on errors and saved time
21:20 What Wade does outside of JMA in accounting

About Wade:

I attended Southwestern Oklahoma State University and graduated in 1989 with a Bachelor in Science of Finance and a minor in Mathematics. Later, I attended the University of Central Oklahoma and obtained my CPA certificate in 1995. I have been working in the oil and gas business since 1996 for a company called JMA Energy Company, L.L.C. I started at an entry level position and worked in all areas of accounting in the oil & gas business (JIB, revenue, tax and financial accounting). I started my own oil & gas bookkeeping business in 2006. Some of my clients have up to 1,100 different well interests. I have been married for twenty years and I have a daughter that is nineteen and attending college. I like to read, watch movies and I love spending time with my two Golden Retrievers, Ethel and Hazel.

Connect with Wade:

LinkedIn

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#013: Well Profits: How to Track Mineral Interest Investments

In this episode, Phil discusses a topic that is a bit different from the usual conversation on the podcast. Phil shares information about the launch of an online-cloud based application of the SherWare software, Well Profits which has been around since 1996. This transition is just the beginning of all of the SherWare applications and software moving to the web.

Well Profits is designed to help users find mistakes to get them corrected. Current users have even said that using Well Profits has helped them to save over 30 working hours per month. This powerful online application allows users to track and report on the revenue and expenses being generated by their interest. The importing capabilities and reporting system are a game changer for the Oil & Gas industry, saving users both time and money.

Here are some of the things you can look forward to in this episode:

  • An overview of Well Profits and what the application does
  • Testimonials from current users of Well Profits
  • How to get started and set up your account
  • Tips for managing your systems and procedures using Well Profits


Highlights

2:35 Why we changed our product name to Well Profits
2:40 What Well Profits does
2:55 The two superpowers of Well Profits
4:14 Making tax season a breeze
7:08 Importing revenue and expenses into the application
7:29 Saving time by setting up proper operating procedures
8:13 Phil’s favorite report to take a look at

Links to websites:

Website | Podcast | iTunes

#012: Everything Mineral Rights Owners Need to Know

In this episode, we talk with Matt Sands, the host of the Mineral Rights podcast.

The Mineral Rights Podcast is a show for you to learn about owning mineral rights. What is a lease? What taxes are involved? How do I check production for my wells? How do I calculate my royalty interest? What is a division order? I got an offer to purchase or lease, but is it reasonable? How do I read my check stub? Matt gives you answers to these and more questions about managing mineral rights and royalty interests.

Matt has over 19 years of Oil & Gas industry experience. Matt is a graduate of the Colorado School of Mines with a BS in Engineering with a Mechanical Specialty and a Minor in Public Affairs. Matt is the principal of Silverheels Investments LLC, a family-owned company focused on mineral rights advisory services and investing in minerals and royalties in select basins across the US.

Highlights

5:00 – Why Matt went to the Colorado School of Mines
6:33 – Why Minerals interested Matt
8:30 – Matt’s advice on surviving the oil & gas ups and downs
13:35 – Why the Mineral Rights Podcast exists.
16:01 – The most listened to Mineral Rights episodes
20:55 – Resources for Mineral Owners

Links to websites:

Website | Podcast | iTunes

#011: Hot Topics Underway at Ohio Oil & Gas Association in 2019

Anyone in the oil and gas industry around the Appalachian Basin knows of the Ohio Oil & Gas Association’s Winter Meeting, one of the most well-attended industry meetings on the East Coast. This meeting is well known for his keynote speakers, breakout sessions, networking opportunities and more.

In this episode, Phil talks with Mike Chadsey, the director of public relations for Ohio Oil and Gas Association about 2019’s Winter Meeting, what topics are hot that attendees will want to make sure to attend and why it’s one of the best association meetings around.

Here are some of the things you can look forward to in this episode:

  • Why the Debrossi Report has standing room only every year
  • What are the biggest topics being discussed on stage
  • What regulation issues at the federal and state levels will be discussed
  • Why it’s been a top association meeting in the industry for so long

———————-


Highlights

3:41 History and overview of the Ohio Oil and Gas Association annual meetings


7:01 Topics to be discussed in the meeting

8:39 What is the Debrossi report?

10:30 Mike’s ‘breakout sessions’

13:23 What is the value in getting into the meetings?

15:46 Other meetings hosted by the Association

Connect with Mike

Bio: Mike Chadsey serves as Director of Public Relations for the Ohio Oil and Gas Association. In that capacity, he leads OOGA’s engagement with the media in the state and continues the Association’s great work of creating and building relationships with local elected, community, and business leaders throughout the state.

Immediately prior to joining OOGA, Mike served two years as the first state director of Energy In Depth-Ohio (EID), a grassroots advocacy, research and education initiative organized in support of responsible oil and gas development.

Mike has served in a variety of roles over the last 20 years at both the local and state level working for various campaigns and office holders. He was elected by the voters of Summit County as a Board member of the Summit County Educational Service Center in 2017. He is a graduate of Kent State University with a Bachelor of Arts in Political Science. He lives with his wife, Jean Anne and their daughter Madeline and son Matthew in Green.

www.ooga.org

#010: Field Tools Transforming the Oil & Gas Industry



Thanks to technology advances, automation, and remote tracking are simplifying the way those in the field and the back office work together, creating more efficient companies that are safer, more agile and getting profitable faster.

On today’s episode, Phil Sherwood talks with Greg Archbald, CEO of Greasebook and Ken Sigmon, Marketing Manager for Blue Tick, Inc. They discuss the changing landscape for those in the field in the oil and gas industry and their respective applications and automation offerings.

Here are some of the things you can look forward to in this episode: 

• How to simplify how the back-end office gets data from the field
• How automation is coming down the pike in the oil and gas industry
• Why remote tracking in the field is making everyone safer
• How robotics could change the landscape for pumpers and more in the field

Connect with Greg Archbald
Bio: Greg Archbald, founder of GreaseBook, graduated from the Honors College at the University of Oklahoma in 2005 where he received a dual degree in Energy Management and Finance. In 2010, Greg was invited to attend ESADE’s Global MBA program on scholarship in Barcelona, Spain, ranked by both Financial Times and Business Week as one of the top international business schools in the world.

While attending ESADE, Greg was introduced to some of the mobile industry’s brightest mobile app design and development specialists. By combining their knowledge with the exposure he gained from working at his family’s business, SSI, Greg immediately recognized how much the owners of oil & gas operating companies stand to profit from mobile apps in the form of increased oil production and awareness of the employee efforts that directly affect the bottom line.
www.greasebook.com
LinkedIn
Facebook
Twitter

Connect with Ken Sigmon
Bio: Ken Sigmon is the Sales and Marketing Manager for Bluetick Inc.  Bluetick provides innovative cloud-based full end to end remote monitoring solutions for the upstream and midstream oil and gas industry.  He received his MBA from Wake Forest University and undergraduate degrees from Guilford College, B.A.Sc in Management and Guilford Technical Community College, AAS in Electronics Engineering Technology.  He spent twenty-seven years in the semiconductor industry working for Analog Devices (Sensors and Measurement) and RF Micro Devices now Qorvo (RF Telemetry) prior to making a change into the oil and gas industry utilizing his MBA education in strategic business development roles. 

www.bluetickinc.com
LinkedIn
Facebook
Twitter

#009: Nine Productivity Tech Tools to Transform Your Office

Growing and running a business in the 21st century, no matter what industry you’re in, requires knowing a little bit of everything, while still specializing in what makes your business so successful.

If that wasn’t enough, throw in the technicality of the oil and gas industry, the ups and downs and regulation changes, and you’ve inherited the role of 10 people, and that’s just during business hours.

On today’s episode learn about 9 productivity/organization + communication tech tools that make automating your office a breeze.

Here are some of the things you can look forward to in this episode:

• The best app for communication among all departments (in office and in the field)
• How to stop mindless data entry
• The best free alternative to Office (that never has to be saved!)
• How to watch your company’s PR image

Like these tools? Download our free CEO Toolkit: 125+ Tools, Favorites + Freebies to Scale Your Oil & Gas Business

Tools mentioned on this episode:
Trello
Slack
Evernote
Zapier
IFTTT
Google Suite
Google Alerts
Docsmore
Mindmeister

Connect with Mallory Schlabach
Mallory is the marketing strategist and customer happiness expert at SherWare, Inc. We specialize in oil and gas accounting software for operators, accountants, and investors to help you simplify distributions and manage investments. Find out more about us at SherWare, Inc.

#008: Marcellus Shale Geologist Takes On Climate Change Alarmists


Is climate change going to doom the world? Or is it a well-fueled agenda led by climate alarmists?

On today’s episode Gregory Wrightstone, geologist and author of Inconvenient Facts, speaks with Phil about how his career as a geologist in the Marcellus Shale led to him searching for the truth on climate change backed by science.

Here are some of the things you can look forward to in this episode:
  • How rising temps actually benefit humanity
  • Why forest fires, hurricanes and severe weather aren’t pointing to global warning doom as predicted
  • The science that most climate alarmists are forgetting
  • What global natural wonder is getting greener amidst climate change fears
  • How to convince others about the science behind climate change benefits

Find out the science behind climate change in this week’s episode.

Connect with Gregory Wrightstone 

Gregory Wrightstone is a geologist who has been investigating the Earth’s processes for more than 35 years. He received a BS and MS in geology from Waynesburg University & WVU, respectively. Gregory’s debut book Inconvenient Facts – the science that Al Gore doesn’t want you to know has received glowing reviews and has shot up the sales charts, reaching as high as #13 on Amazon best-seller list and #1 in the Environmental Field.

Greg was driven to write this book after a search for climate truth revealed that many of the supposed climate-related predicted catastrophic events were not occurring and that the most likely primary cause of our current climate change is those same forces that have been operating for many millions of years.

His science-based view of ecosystems and humanity prospering due in part to rising temperatures and increasing CO2 has led to multiple radio and TV appearances including Tucker Carlson and Fox & Friends. Gregory is a strong proponent of the scientific process and believes that climate policies should be driven by science and facts not by a political agenda.

Website: https://inconvenientfacts.xyz/
Facebook: https://www.facebook.com/inconvenientfacts.xyz/
Twitter: https://twitter.com/GWrightstone
YouTube Channel: https://www.youtube.com/channel/UCBTYfW24SKyjI01CW5lN5hw

#007: Successful Businesses All Have THIS in Common (even in the oil and gas industry)


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.

Here are some of the things you can look forward to in this episode:
  • How both Phil and Tom’s accidental start in the industry led to life-long careers
  • The oil and gas industry’s secret sauce that no one talks about
  • How to become the best in your role, even when the industry is downsizing
Connect with Tom Wierman

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.

Find a COPAS Society Near You

LinkedIn

#006: How Technology + Automation Improves the Oil & Gas Industry with Corey Scott


Technology is the future for every industry in the world, and the oil and gas industry is no different.

On today’s episode, Corey Scott,  and Phil talk about how EnergyLink helps operators and royalty partners get paid faster with fewer disputes and simplifying the communication by looking at the data.

Here are some of the things you can look forward to in this episode:
  • Find out how RedDog systems got its name
  • Hear how developers actually develop software for the industry
  • Find out how to use EnergyLink to get paid faster by your partners with fewer disputes
  • Find out where data exchange is going in the future
  • How automation is changing the landscape for oil and gas businesses no matter the market conditions
  • Get the inside scoop to what’s next for EnergyLink and its customers

Dive into this episode that will change how you think about technology in your business.

Connect with Corey Scott and Red Dog Systems, Inc. 

Corey Scott currently serves as the U.S Sales Director at Red Dog Systems, Inc., a Calgary based software company that provides cloud-based solutions to customers involved in Joint Interest Billing, Revenue accounting and Owner Relations. Prior to joining Red Dog Systems in 2008, Corey worked at ConocoPhillips, helping to implement and manage the company’s Joint Venture accounting software products. He is a graduate of Oklahoma State University, where he received his Bachelors Degree in Finance.

Website: www.energylink.com
LinkedIn: www.linkedin.com/company/red-dog-systems-inc.

Grab the CEO Toolkit: 120+ Tools, Favorites & Freebies to scale your oil & gas business no matter what the industry looks like for free!

 

#005: How Three US States Are Changing the Industry for the World


Download This Episode!

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.

Here are some of the things you can look forward to in this episode: 

• 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.

Connect With Jerry:

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.

Website: www.shalecrescentusa.com

Twitter: https://twitter.com/ShaleCresUSA

Facebook: https://www.facebook.com/shalecrescentusa/