AFE Overview

The price of oil is volatile but the accuracy of your project costs should not be. Resource Energy Solutions’ Authorization for Expenditure (AFE) Manager is designed to streamline budget creation, and facilitate cost tracking and expenditure approvals. AFEs can be generated quickly by using standardized drop-down menus, copy and pasting from spreadsheets, and linking electronic supporting documents. With AFE Manager’s ability to adapt spending authorization to your company’s hierarchical structure, protect yourself from cost overruns and unauthorized spending. Easily manage information for joint operating ventures.

Wellman integrates with AFE Manager, combining to form an end-to-end system covering all the activities of in-field cost tracking, budgeting, and expenditure authorization procedures during the entire life cycle of the project. It helps identify bottlenecks and gives management the information needed to take action quickly. It creates an easily followed workflow that complies with the demanding regulatory and audit requirements of an increasingly regulated world of corporate governance.

Resource Energy Solutions’ AFE Manager and capital tracking software enables increased efficiency, control, and accountability. It provides robust internal controls over capital spending. AFE uses the Public Petroleum Data Model with N-Tier architecture and is built on the RES.NET framework.

Take a closer look at AFE Manager. Click on the Overview, Benefits, Features, and Gallery tabs for more information: view the video below. Call us for a demo at 403-245-0220 or send us an email at sales@resourceenergysolutions.com.

AFE Sell Sheet (743 KB)

AFE Benefits

AFE Manager and capital tracking software works in tandem and integrates with Wellman. In effect, it extends Wellman's capabilities by providing a robust internal control system for project expenditures and capital spending.

Control over Expenditures

• Improved overall control over operations
• Improved decision making maintained through real-time daily reports
• Protection against unauthorized spending, and reduction of cost overruns with built-in security and preset user rights
• Superior AFE reporting solutions – generate standard and custom reports including accruals, variances, summaries, and more

Reporting and Managing Costs

• Produce comprehensive reports for comparative analysis
• Quickly identify spending variances and identify the source of bottlenecks
• Provide data to those who manage operations
• Manage costs while saving time and money

Easy Set-up and Improved Fiscal Information

• Quick ramp-up and implementation with support access for all users through RES’ new “Software as a Service” gateway, while minimizing IT and support costs
• Improved corporate accountability, minimizing risk of fiscal and director liability, and increasing board confidence in corporate and fiscal operations

AFE Features

Create detailed line-item budgets by using either built-in templates or templates customized to the user’s GL accounting system.
Resource Energy Solutions’ AFE Manager and capital tracking software enables increased efficiency, control, and accountability. It provides robust internal controls over capital spending. AFE uses the Public Petroleum Data Model with N-Tier architecture and is built on the Wellman.NET framework.

Spending Control and Authorization

• Handle multiple projects.
• Integrate data and functionality into the company's accounting system.
• Compare budgeted to field-cost estimates to actual costs.
• Create AFEs effortlessly by using designed templates.
• Adapt to any company process.
• Create digital signatures.

Security and Workflow

• Enhance user security, and add employee spending limits and a digital audit trail of approvals.
• Route electronically to reviewers and approvers.
• Use change tracking and audit trails, and monitor compliance and database changes.
• Import contracts and agreements from the land registry system.
• Manage non-operated AFEs.
• Manage document storage easily in the AFE database or link to documents from your network.
• Complete document management; all related documents can be stored in one place for quick access from the office network.

Compliance

• A comprehensive audit trail for each entry in the system aids in meeting the compliance requirements under Sarbanes-Oxley for Canada and the United States.

AFE Screenshot Gallery

Track and Control Your Capital Spending

Please fill out the form and a sales team member will contact you to discuss your project needs or arrange for a product demo.