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Client is an independent E&P company focused on U.S. unconventional resource plays.


Energy – Oil & Gas

Project Timeframe

April – May 2023

Revenew Services

Performance Improvement – Final Settlement Statement Review

Key Value Proposition

Reviewed Client’s Purchase and Sale Agreement (“PSA”) with Seller for assets priced at $3B. We provided Client with a final report of total recoveries including adjustments to the closing statements for the PSA and the Transition Services Agreement (“TSA”) within 50 days of Client’s receipt of the closing statements.

Project Scope

Revenew provided Subject Matter Experts (“SMEs”), specialists and analysts focused on the following areas for the Final Settlement Statement Review:

  • Property Costs which included:
    • Drilling Capital Costs
    • Completion Capital Costs
    • Surface Equipment Capital Costs
    • Lease Operating Expenses
  • Transition Period and Fees
  • Annual and Corporate Costs

Sponsored by Accounting, Revenew coordinated efforts with the Purchaser’s Asset team, Accounts Payable, Joint Interest Accounting, and equivalent Seller teams to validate findings and ensure review work was not being duplicated. Revenew also assisted Purchaser in obtaining missing Seller’s documents, invoices, checks, and journal entry records for the transition period for future audits.

Key Outcomes


Findings consisted of time writing overcharges, unapproved bonus payments, pre effective date costs for vacation pay outs, erroneous charges, and pre-effective date sales and use taxes.


Findings consisted of pre-effective date costs, miscoded invoices, time writing overcharges, pre-effective severance and payroll, off-cycle payroll errors, and duplicate invoices.

Other recoveries

Findings consisted of overbilling of net costs to Purchaser on drilled wells due to incorrect bill deck set up by Seller. Purchaser to issue Joint Interest Billing to working interest owner to recover costs.