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


Energy - Oil & Gas

Project Timeframe

Sept - Oct 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 $5.2B. We provided Client with a final report of total recoveries including adjustments to the settlement statements for the PSA within 30 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 Final Settlement Statement Review:

  • Property Costs which included:
    • Drilling Capital Costs
    • Completion Capital Costs
    • Surface Equipment Capital Costs
  • Lease Operating Expenses
  • Lease Bonus and Extension Payments
  • Right of Way Damages
  • Transition Period and Fees
  • Annual and Corporate Costs

Sponsored by Accounting and Internal Audit, Revenew coordinated efforts with the Purchaser’s Asset team, Accounts Payable, Joint Interest Accounting, Legal, 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

Project Timeline Challenges

Client decided late in the process that our assistance was needed. We deployed and delivered a successful result in 28 days (2 days before results were required to be reported.)


Findings consisted of pre-effective date costs, miscoded invoices, time writing overcharges, pre-effective severance and payroll, overhead duplicate charges, pre-effective lease bonus and extension, and pre-effective right of way damages.

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.