Magellan Petroleum Corporation Testimonial


Mike Mushlin: Well, our executive team was doing some research on how to improve our process and, you know, shorten our processing time by a few days. And so we did some research on what was out there from a software standpoint to help better our Ks and Qs and make them more efficient.

One of the greatest benefits of WebFilings is that you can access it from anywhere. As long as you have an internet connection and a computer, you can log on. In our previous software we had to dial into our server and access it like we would if we were sitting at our desk, but I can be in an internet café, a coffee shop, whatever, with my laptop and I can work.

We were up to do our first Level 4 detail tagging with XBRL as part of our K and we were… I, as the XBRL lead, was very excited about the ease of the use with XBRL. It’s quite a daunting task to complete. The technical support that we’ve had for WebFilings has been second to none. Anytime I‘ve had a question regarding anything, whether it be a formatting question or a roll forward question or anything to do with XBRL, I first contact my CSM, who took it upon herself to either, A, answer it herself, fix it herself, or if she didn’t know, she would move it along to a PSM or any other person on her team.

The ease of use of the program and the collaboration that you can have between people within your own company and the WebFilings team is second to none in my opinion. So, yes, I would highly recommend this software for multiple reasons and I would really recommend them to switch it.

The best benefit is being able to prepare your K and Q in a much shorter time due to these, you know, linking and due to being one document and being able to work and review the whole document as a team. For example, there’s about two of us that prepare the K and the Q and then there’s about 10 people, both internal and external parties, that can review it on a real time basis. So when they add a review comment we look at it, we fix it, and we clear the comment.

Over the past year we at Magellan have had a lot of change. We’ve moved our corporate offices, we have completely reformatted our Ks and Qs, we have changed the look of our financial statements to be more consistent with other oil and gas companies. During this high amount of change in the last year, we have not lost any time in our review process. We’ve only actually gained time and our whole process has become less stressful. I’ve never been nervous and I’ve never been more confident on being able to work on our document and really file it from anywhere.

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