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Upstream: Complex Financial Reporting: Undisclosed: From Zero to IPO

A privately held, Oklahoma-based E&P company (“the Company”) is focused on developing horizontal play concepts in the SCOOP/STACK shale play. The Company built a sizable acreage position, including producing horizontal and vertical wells, through a successful greenfield leasing effort and the management team was ready to exit their position. The Company had historically prepared limited financial information and needed full reserve evaluations and U.S. GAAP financial statements within a short timeframe in order to complete a sale or IPO.

In 2018, the Company engaged Opportune’s cross-functional teams and leveraged our existing suite of services to successfully deliver on the following activities:

  • Preparation of reserve reports
  • Reconciliation of division orders and decks
  • Valuations of oil and gas properties acquired
  • Preparation of lease operating statements
  • Preparation of full U.S. GAAP financial statements

Opportune added tremendous value by providing subject matter experts in land, engineering, operational accounting and financial reporting who worked together seamlessly to quickly execute requested deliverables. Because of Opportune’s efforts, the Company successfully completed an IPO within a tight market window.

Opportune employs a team approach to solving complex issues that management teams face in today’s evolving energy industry. Whether our clients need to improve financial reporting processes, seek assistance to deploy or update technology systems or undertake a business transformation, we have the expertise to offer substantial, clear-sighted recommendations and strategic support. Our expertise rivals the multi-national firms, while our focus on the energy market and personalized client service make us a unique player in this advisory arena, offering professional financial and technology consulting. For additional information, CLICK HERE.

Amy Stutzman

Managing DirectorOpportune LLP