Mineral assets are complex in nature. Located in the oil-rich state of North Dakota, First Western Bank & Trust has the knowledge and experience to serve all types of clients. Whether you are organized as a business, a trust, or one or more individual interest holders, we can effectively manage your portfolio of mineral interests from start to finish. Our existing clients hold US assets in North Dakota and Montana, as well as Canadian interests in Saskatchewan. We are well-versed in the unique needs of royalty interest (RI), working interest (WI) and overriding royalty interest (ORRI). We maintain strong relationships with conventional and Bakken/Three Forks shale producers throughout the Williston Basin to ensure our client royalty income consistently arrives on time.
First Western Bank & Trust provides a comprehensive mineral and land management solution for even the most astute clients. Our management duties typically involve:
Full-Service Administration
- Revenue and expense tracking
- Net income distribution
- Joint Interest Billing (JIB) payment processing
- Authorization for Expenditure (AFE) analysis
- Division order interest verification
- Research and recovery of suspended funds
- Electronic document maintenance
- Open and active communication with our clients
Proactive Management
- Oil and gas lease negotiation
- Surface easement and right-of-way negotiation for well sites, pipelines, etc.
- Analysis of Monthly revenue detail to ensure well payments are received
- Coordination with industry partners for legal counsel, asset valuation, title research, and more
- Guidance on chain-of-title issues with inherited minerals
Comprehensive Accounting
- Statements of account, cash flow, and distribution reports prepared monthly
- ND income tax withholding available for out-of-state beneficiaries
- Producer 1099 income balanced against internal records to ensure accuracy
- Extensive reporting for year-end tax needs – K1 and 1099 preparation
- In-house tax preparation is available with competitive pricing
First Western Bank & Trust offers a full suite of services to meet your needs, allowing you to maintain your desired level of personal involvement while working with experienced mineral personnel. Our oil and gas team ensures updates and analysis are performed daily to stay on top of the industry’s ever-changing landscape. We are dedicated to serving our clients with cutting-edge reports and in-depth tracking of payments and asset performance. We strive to optimize and maximize portfolio income, spot emerging opportunities faster than our competitors, and ultimately achieve better returns for our clients.
Interested in learning more about how we can help you? Contact our Oil & Gas Management Team:
Oil & Gas Management
The Backstory
Booming domestic petroleum and natural gas production in the past decade has allowed the United States to achieve energy independence. Previously a net energy importer, since 2010 our nation has shifted dramatically to become a world leader in energy self-sufficiency and exportation. This revolution began locally with the initial experimentation and ultimate development of the Bakken/Three Forks Shale oil and gas play in the Williston Basin underlying western North Dakota, eastern Montana, and southern Saskatchewan. Stemming from the area’s conventional oil exploration, which has been active since the 1950s, this unconventional production relies on directional drilling and hydraulic fracturing of layers of porous shale deep below the Earth’s surface. We are proud that these technologies were developed in North Dakota; continued research and development has resulted in lower drilling costs, higher production from new wells and the reinvigoration of production in existing wells. Hot topics in today’s industry discussions include switchback wells, enhanced oil recovery (EOR), and carbon capture reuse and sequestration (CCRS).
Do you want to learn more about our region’s oil and gas industry?
A wealth of knowledge is available through the North Dakota Industrial Commission (NDIC) and the Department of Mineral Resources (DMR). Of particular interest is the monthly Director’s Cut videos, which outline the newest production and drilling activity statistics and other important updates. Follow this link to explore their webpage:
Department of Mineral Resources
Are you a royalty owner looking for opportunities to actively participate in industry discussions and learn more about your assets?
First Western Bank & Trust is a proud Business Supporter of the National Association of Royalty Owners (NARO), the only national organization representing oil & gas royalty owner interests. Their Mineral Management Program may be a perfect fit for your education needs. Follow this link to explore their webpage and consider becoming a member:
National Association of Royalty Owners
Hope to see you at the next Williston Basin Petroleum Conference, “the largest conference and trade show in the nation focused on the Bakken, Three Forks, and Williston Basin.”
Follow this link to learn more:
