Oildex is now providing a service to recipients of royalty payments from producing properties which will allow them to access their oil and gas revenue data over the web. Owner Relations Connect (ORC) is an extension of the Oildex Connect services, used by over 400 companies in the oil and gas industry.
Speaking at the National Association of Royalty Owners Annual Conference, Oildex CEO Peter Flanagan said, “On-line access to data has brought unprecedented efficiency and convenience to the world of banking and stock portfolio management. Now these same benefits are available to millions of royalty interest owners.”
ORC enables oil and gas operators to provide their royalty owners with secure Internet access to individualized revenue, production, expense and year-end tax information, 24/7. ORC also serves as a customer relationship management tool for oil companies, giving them the ability to handle owner inquiries efficiently, minimizing the number of phone calls, faxes and duplicate mailings. Over 4.5 million royalty owners hold interests in oil and gas properties in the United States.
NARO president Paul Covert added, “Royalty owners, nationwide, welcome faster, accurate information regarding their assets, particularly concerning their royalty income. We applaud the companies that are getting involved in this dissemination of information and urge all operators to get on board.”
Shell Oil Company is to start a pilot implementation of ORC later this month.
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