JIB and revenue
Bill your partners and pay your owners, every month.
JIB (joint interest billing): the monthly bill that splits well costs among the working interest owners. Revenue distribution: paying each owner their share of the money from oil and gas sales. We do both for you, in WolfePak.
20 clients and hundreds of wells operated
What you get
What lands on your desk.
- A draft JIB for you to approve Costs rolled up by well and AFE, with each partner's share. Nothing goes out until you OK it.
- Partner bills sent Once you approve, the JIB goes to your partners. We follow up on balances that are not paid.
- Revenue posted by well Buyer check stubs entered and checked against the volumes on your monthly production report.
- Owner payments ready Each owner's share worked out from your division of interest. You approve every payment before it goes out, unless your agreement says otherwise.
- Overhead and shared costs billed Monthly overhead per producing well, plus shared costs like insurance and communications.
- AFEs tracked Each AFE set up, sent to your partners, and tracked budget against actual.
October JIB draft, ready for your OK
Costs for October are rolled up by well and AFE, with each partner's share.
Nothing goes out until you OK it.
Reply OK and we send it to your partners.
How it works
Three steps.
Give us access to your books.
We process your books in WolfePak. On QuickBooks or another system? We convert your books to WolfePak first.
Send bills and statements as they come.
Forward vendor bills and buyer check stubs to your RedBird address. Or reply to our text with a photo or a file.
You approve. We close the month.
You approve every payment before it goes out, unless your agreement says otherwise. We close the books, and you get the Monthly Compliance and Close Report.
Compare
The old way vs RedBird.
The old way: Partner bills built by hand in spreadsheets.
With RedBird: A draft JIB each month, costs rolled up by well and AFE, for you to approve.
The old way: Revenue posted without a check against production.
With RedBird: Buyer check stubs checked against the volumes on your monthly production report.
The old way: Owner shares worked out by hand.
With RedBird: Each owner's share worked out from your division of interest.
The terms, in plain English.
- JIB (joint interest billing)
- The monthly bill that splits well costs among the working interest owners. Each partner pays their share.
- Revenue distribution
- Paying each owner their share of the money from oil and gas sales, based on their decimal in the division of interest.
- Check stub entry
- Entering the statement your buyer (the first purchaser) sends with each payment, well by well.
- Overhead
- A set monthly charge per producing well for running the operation, billed to partners under your operating agreement.
- AFE (authority for expenditure)
- The cost estimate your partners approve before big work, like a new well or a workover. We track spending against it.
Questions.
What is a JIB?
JIB stands for joint interest billing. It is the monthly bill that splits well costs among the working interest owners. If you own half of a well, you pay half of its costs, and your partners pay the rest.
Do you send bills without my OK?
No. We send you a draft JIB first. It goes to your partners only after you approve it.
What if an owner's share is missing or in question?
We do not guess. We hold that owner's payment in suspense and flag it for you. See owner and division order upkeep.
Do you check revenue against production?
Yes. We check revenue from your buyer statements against the volumes on your monthly production report (Form PR). If they do not match, we tell you.
Do you work in WolfePak?
Yes. We do JIB and revenue distribution in WolfePak. If you are not on WolfePak yet, we can set it up and add your wells.
How is accounting priced?
Ongoing work is billed as a monthly retainer. One-off work is billed by the hour. Software fees are passed on at cost. A minimum retainer, set in your contract, is required to begin. Conversions, like QuickBooks to WolfePak, are quoted as part of your engagement. For your quote, send us a note and we take a free look at your books.
Get started
Get your back office off your desk.
Tell us what you need. We look up the public record the state keeps on your operator number. Then we reply to set up a call.
20 clients and hundreds of wells operated