I am a recent addition to Mineral Rights Forum. I was led to this forum by an internet search for software for entry and accounting for Oil and Gas Royalty and Mineral payments. What popped up was Jim Davidson's post. I do want to be totally up-front in that my internet search was to identify terms that companies and individuals used to locate software for oil and gas investors/interest owners. Secondly, to locate Interest Owners associations that might have interest. Why? I recently brought up a website that provides interest owners with the capability to enter, balance, and book interest checks to the proper account and history. And this is the first step in eating the elephant; additional functionality will be added for lease history, CDEX data, JIB data, General Ledger, and Financial Statements as time permits.
I know that the my agreement with MineralRightsForum does not allow citing web sites, etc., and I am VERY conscious about that. At the same time, I recognize that my site could be very helpful to forum members given the response to Jim's post. And, at this point the site has a very good price point... Free. So, if there is interest in not only beta testing but using the site, I can help.
Also, by way of background, I have been in software development for all of my career and with the last 3 years devoted to learning internet's rules and capabilities. I have a fully functional Investor Oil and Gas Accounting System that operates on the PC but I do not market because of the investment that users must make to acquire and operate a PC based system and the difficulity to support. The PC version has the full capabilities including the Financial Statements mentioned above.
In closing, I do not want to violate any of the forum's rules but I do believe in the old fashion win/win, and I would like to be of help.
PS, I do have royalty interests in Grady County and learning more on the in-the-weeds detail of lease management, etc. This forum have an abundance of that.
I was a programmer for a decade, and I seriously doubt that you can get the cost of your software down to $150 per copy for a niche market like this. I developed a Windows-based software program for a niche market and ended up having to charge alot more than I thought I would have to in order to just break even.
Mr. Paul Dykes: I know it is a year after your post but Google brought it up when I searched for an oil & gas program for mineral owners. Would you please advise if you have the program and how successful has it been. I am most anxious to come up with a new program I can use.
I am a novice into mineral right but a pro with software. I am interested in testing. If you were able to find and implement state reported productions to be able to check against our checks that would be over the top.
Hi Laura, I'm sorry that I missed ur post below. The program is up and running. It is internet based and I have made it available at no cost. Part of the process is to draw traffic and thereby potential users to the site and make it worthwhile for them to try and use. Why no cost? Because my cost are relatively low including my time for software development and maintenance. Will there ever be a cost? Yes, at some point when the number of users and transactions increase, I will have to at least cover my costs. I expect that will take several years.
As to how successful it has been, this internet based version does not have a track record yet. However, it incorporates the knowledge and functionality of a PC based version over a 7-8 year period. It provides for revenue check entry with balancing to the hard copy check; coding of the entrys with the oil and gas accounts; and includes Lease History of revenues and related expenses.
Paul
Laura Kershaw said:
Mr. Paul Dykes: I know it is a year after your post but Google brought it up when I searched for an oil & gas program for mineral owners. Would you please advise if you have the program and how successful has it been. I am most anxious to come up with a new program I can use.
Hello Rob, I noticed ur post and another users which I replied to. Pls see the post to Laura.
Checking the state reported productions against the revenue checks is technically possible BUT the cost for the production data is over the top. At this point I do not have the resources to do that. I have only found one website that will do this and they charge each user $250 a month. The data itself is available but in the neighborhood of $5,500 per year cost to me. So, if there would be enough interest from several users, I would examine it again. But I don't anticipate a cost of $250 a month.
Take a look at my site at softwareok.net. See the contact link for contacting me.
Paul
Pennsylvania Rob said:
Hello Buddy,
I am a novice into mineral right but a pro with software. I am interested in testing. If you were able to find and implement state reported productions to be able to check against our checks that would be over the top.
Hello Rob, I noticed ur post and another users which I replied to. Pls see the post to Laura.
Checking the state reported productions against the revenue checks is technically possible BUT the cost for the production data is over the top. At this point I do not have the resources to do that. I have only found one website that will do this and they charge each user $250 a month. The data itself is available but in the neighborhood of $5,500 per year cost to me. So, if there would be enough interest from several users, I would examine it again. But I don't anticipate a cost of $250 a month.
Paul
Pennsylvania Rob said:
Hello Buddy,
I am a novice into mineral right but a pro with software. I am interested in testing. If you were able to find and implement state reported productions to be able to check against our checks that would be over the top.
Hope this is helpful to all searching a way to calculate monthly revenue from your mineral rights.
First is to check your lease for your net acres. Lets say 5 net acres. and 3/16 or 1/5 royalties which is .1875 or .20
Second is to find unit spacing its probably not on the lease. Its usually 1280 but not always. I contacted the https://www.dmr.nd.gov/oilgas/publications.pdf or Public Information Officer Department of Mineral Resources Phone: 701-328-8036 Fax: 701-328-8022 [email protected] and they provided the unit spacing. for my wells.
Now for the fun part. We take net acres (5) Divided BY unit spacing (1280) 5/1280= 0.00390625.
Now we multiply or interest 3/16 or .1875 times 0.00390625 = .0007324 which is your decimal interest found on your division order. this is what they use to calculate your gross monthly check
Now if our well is producing 3000 bbl. per month times 100$ price of oil= 300,000
We multiply this times our decimal interest 300,000 times .0007324 and finally our gross monthly revenue which in this example is 219.72 less taxes.
net acres/unit spacing times royalties * (monthly production * price of oil) = revenue
In my experience working in the Oil and Gas data and accounting software world over the last 10 years, a homegrown solution will offer some potentially fatal pot holes over the long run. Any solution that can communicate with the oildex data exchange to import and export CDEX revenue data will be costly. Individuals buying these software licenses will no doubt require a significant amount of support as well. The base line cost for these systems and services runs between $4,000 - $10,000 to accomplish true accounting, import/export, financials etc.
Hello Guys and Gals. I wanted to update you on the softwareok.net site for revenue checks. I have added the processing of electronic revenue checks (CDEX) from PDS/Oildex to the site. So now the electronic file can be processed and you can double-check the hard-copy check on the computer screen; post the property/lease to a Lease History file, and create accounting entries. These accounting entries can then be presented on a excell type worksheet/CSV/XML file on your computer and handed-off to your accountant or your accounting system. If your operator/purchaser does not provide the CDEX data, the site provides manual key-entry procedures.
PDS/Oildex will charge you .04 cents per check line and the charge for processing on softwareok.net is .06 cents per line. However, there is need for some of you to be beta-testers. For those, there will only be the .04 cents charge by PDS/Oildex.
Let me know if you are interested.
Paul
P.S.
I am still trying to locate providers of electronic production data at a viable rate so that the electronic check data can be compared to the actual production data that the operators/purchasers provide the states. Does anyone have any experience with welldatabase.com?
manual key-entry of the electronic check data is ONLY required if your operator/purchaser does not provide the electronic CDEX data.
I have recently met the founders of a software called MineralSoft. I am a landman and mineral manager and am in no way connected with the company other than being contacted by the founder because of a previous post that I made regarding this subject. I am fairly tech savvy and constantly looking for new tools to add to my garage and this is definitely one that I will be trying. I highly recommend looking into it, depending on your avg. royalty income, there is also a free version that they offer. Since it is apparently against TOS to list another website (?), just google MineralSoft.
We have hundreds of wells and properties and oil companies to track. We are very interested in successful tools that will track and simplify all the tasks required to properly manage these things from the deeds, legal descriptions, lease data, division order data, royalty interest calculations to tracking production payments and check details against what is reported to states plus anything else I haven't listed. Please let me know what you or anyone else you know of has to offer in this arena and we will be forever grateful. Many thanks.
Melinda, I am a career software designer/programmer. I can share with you my experience in the oil/gas interest owner/operator software field. I can offer some advice in locating software but would need more information on what you have now and any problems/needs that your present system(s) lack.
I did develop a Personal Computer (PC) based system for Interest Owners/Operators in the past but do not support it now.
In full disclosure, I do have a website that may help with some of you needs but lacks a solution to all of the needs that you identified. But, I'll try to help you if you send me a friend request.
I too have been in the oil and gas software solution industry for several years. Currently I work for a company that provides oil and gas accounting, land, production as well as a document imaging solutions. I can share my software background and let you know if I have anything to help solve your pain points. If not I may be able to steer you in the direction of someone who can help.
I currently use a package I purchased from a company in Dallas, TX. I do the bookkeeping for an investor with 760 Working interest wells and 1,000 + royalty interest. I have developed ways to download from oildex for revenue by property for the WI and by company for RI. Let me know if you would like more information.