Michele Dugger Team Lead Managing Contracts Michele Dugger Team Lead

Purpose Multiple ways to Manage Cost of Sales entries How WolfePak can specify the Operator at the Property Level or the Price Contract Level How you can create and track Crude Oil Purchase agreements

Recording Cost of Sales Entries 2 Options: When extracting tickets to G/L offset to a Clearing account as defined in Company maintenance - typically an Expense (Cost of Crude) or an Asset (Inventory Clearing) Record Cost of Sales based on Property Location Class Allows each location class to have a separate G/L Account Can have unlimited Location classes

Recording Cost of Sales Entries Option 1

Recording Cost of Sales Entries Option 2

Recording Cost of Sales Entries Option 2

Recording Cost of Sales Entries Option 2

Financial Reports

Specify Operator Property Master Level - WolfePak’s default option - allows for only one price contract to be in effect for a property for a production month Price Contract Level - Allows for the handling of multiple contracts within the same production month

Best Practices When using the Price Contract Level feature it is recommended that you set up a new contract when the operator changes rather than changing the operator on the contract Using the Price Contract level option requires that you run a utility to convert from the property level to the price contract level - it is recommended that you create a test environment to test the feature before converting your live data and it is ALWAYS RECOMMENDED that you make a BACKUP before making a change like this.

Price Contract Level

Property Master Level Operator is set by the user on the Property Master> General tab> Operator for Run Statements and Legal Operator for Government Reports - typically the same Tickets entered look at the Property Master> General tab for the Operator All Reports look at the Property Master> General tab to pull the Operator

Property Master Level

Price Contract Level Legal Operator is set by the user on the Property Master> Price Contract tab> Legal Operator for Government Reports Tickets entered look at the Price Contract>General tab>Operator for Run Stmts for the Operator All State Reports look at the Property Master> Price Contract tab >Legal Operator to pull the operator

Price Contract Level

Operator Run Statements

Create your Contract This process allows you to create and track Crude Oil Purchase Agreements and automatically create the Price Contract when returned as signed. Unlimited # of Contract Templates Customizable Contracts can be Reprinted at any time

Modify custom Agreement Setup Operator Price Index Modify custom Agreement

Setup

Create Contract

Create Contract

Create Contract

Receive Contract Back

Add any Purchase Fees or Penalties that may apply Receive Contract back Add any Purchase Fees or Penalties that may apply

Reports

Questions?