Description

The New Mexico State Land Office announces its annual royalty-reporting training for industry. The training will be held as a hybrid event with both live and virtual attendance options, and we are pleased to include sessions from our partners in the Oil, Gas, and Minerals Division of the NMSLO, and from the NM Oil Conservation Division. The training is open to all revenue accountants, revenue managers, regulatory compliance staff, or anyone interested in royalty filing, compliance, and the audit process. We suggest that those new to royalty filing or with 1-3 years’ experience attend in person. After the success last year, we are continuing to offer 1-on-1 sessions to provide hands-on training in a friendly setting; in-person attendance is required for these sessions. 

Registration for in-person attendance closes June 28th. In-Person and Hands-on Sessions will be held at the New Mexico State Land Office, 310 Old Santa Fe Trail, Santa Fe, NM 87504

Register Now

Draft Agenda:

Tuesday, July 16th

8:30 am – 11:30 am Royalty Revenue Reporting

• Overview of royalty forms and explanation of the assessment and credit types generated from royalty returns;

• Filing errors: How to prevent them and correct them; and

• Research tools on the State Land Office web applications for royalty filers.

11:30 am – 1:30 pm Lunch on your own

1:30 pm – 3:30 pm NM Oil Conservation Division

• Setting up a well and C115 reporting.

3:30 pm – 4:30 pm Hands-on Sessions

Wednesday, July 17th

8:30 am – 10:30 am Oil, Gas, and Minerals Division

• Leases and the importance of ensuring royalty reporting is made to all leases; and

• Requirements for Communitization and Unit Agreements and overview

10:30 am – 11:30 am Royalty Compliance

• Suspense clearance via online filing application or amended returns; and

• Account reviews, collections, and the refund process.

11:30 am – 1:30 pm Lunch on your own

1:30 pm – 2:30 pm Royalty Audit

• The royalty audit process including audit types, audit process, documentation requirements and what to expect if your company is being audited.

3:30 pm – 4:30 pm Hands-on Sessions