Patent ID: 8209265
Filing Date: 2012-06-26
Classification: G06Q

Abstract:
1. An electronic settlement system for mineral production, distribution, and sales comprising: a plurality of modules, said modules comprising payor module, mineral owner module, gathering system and gas plant module, wellhead price module, mineral lease and agreement module, division order module, product movement and balancing module, mineral ownership and book entry and netting module; said mineral owner module comprising a database comprising mineral owner information, an inputting processor configured to electronically said mineral owner information into said database, an accessing processor configured to electronically review said mineral owner information in said database, and an updating and/or maintaining processor configured to electronically maintain said mineral owner information in said database; said mineral lease and agreement module comprising a database for information about mineral leases and agreements, an inputting processor configured to input information about mineral leases and agreements into the database, an accessing processor configured to review information about mineral leases and agreements in the database, and an updating and/or maintaining processor configured to maintain information about mineral leases and agreements in said database; said division order module comprising a database for division order information, an inputting processor configured to electronically add said division order information into said database, an accessing processor configured to electronically review said division order information in said database, and an updating and/or maintaining processor configured to electronically maintain said division order information; said division order information comprising a standard division order number; owner names, numbers, and addresses; ownership information; description of land, mineral rights and obligations; ownership history, chain of title; grantor's and grantees; cross-references to leases, assignments, and conveyances; key dates; scanned images of supporting documents; cross-references to location on mineral rights, units and formations; said wellhead price module comprising a database for wellhead price information, a capture processor configured to gather wellhead price information, an accessing processor for reviewing wellhead price information, and an updating and maintaining processor configured to update and maintaining wellhead price information, said updating and maintaining processor including a security means for allowing authorized entity access, a secure communication means and a means for making changes to and updating wellhead prices on a variable basis; and the settlement system being comprised of one or more processors which interact with said plurality of modules; the settlement system being adapted to authenticate and reconcile a volume of minerals produced from a wellhead, compute a value for minerals produced from a wellhead, generate a settlement value for minerals produced from a wellhead, compute a payment due to one or more parties and/or intermediate payment between one or more parties.