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Upstream: Outsourcing

Cantera Energy LLC (Cantera), an investment portfolio company of Kayne Anderson Energy Funds, is an independent oil and gas company focused on the acquisition and development of properties with identified exploration and development upside in the onshore Gulf Coast Regions. The Houston-based company operates over 750 producing wells in South Texas covering over 75,000 net acres with exposure to the Vicksburg, Wilcox and Frio formations. In June 2013, Cantera purchased over 1,000 South Texas oil and gas assets from EP Energy.  Prior to closing, Cantera engaged Opportune for land data conversion, joint interest billing (JIB), revenue accounting, accounts payable, financial reporting, and treasury functions for all 1,000+ properties.

Opportune’s seasoned team of outsourcing experts quickly began converting EP Energy’s data from Quorum, PeopleSoft, Tobin, and TOW Halliburton software into BOLO. As part of the conversion process, Opportune validated the accuracy of the data prior to BOLO input.  After converting all of the data into BOLO, Opportune took over the data maintenance and performed the monthly back office accounting and land administration support for Cantera.

Opportune maintains the revenue functions, including booking revenue and severance taxes.  Opportune is also responsible for accounts payable, including payment of over 5,000 vendor invoices per month. Additionally, Opportune maintains Cantera’s JIB, land administration, and treasury functions. Opportune’s outsourcing teams work collaboratively, in order to ensure prompt and accurate payment and invoicing to all stakeholders.

Opportune Outsourcing currently provides back office services for more than two hundred public and private companies across the world. Our outsourcing team offers expertise in transactional reporting, land administration and reporting, joint interest billing, accounts payable/receivable, production allocation and reporting, and software system administration. For more information, click here.

Carl Wimberley

PartnerOpportune LLP