JIB Netting is the process of taking the amount owed on your joint interest billing invoice and deducting that amount from your revenue and then issuing a Net check (if applicable).
If your invoice is less than your revenue: You will receive a royalty check around the 25th of the month for production less the JIB balance due. The total amount deducted for JIB netting will be noted at the bottom of the corresponding Revenue Remittance Statement.
If your revenue is less than your invoice: You will need to pay any additional amount owed on your invoice as there are not enough funds to cover the balance owed. In this case, you will receive a Netting Remittance Statement in lieu of a royalty payment.
If you would like to discuss netting for your account, please contact the Urban Oil and Gas JIB Department at email@example.com.