Last week EAG hosted a two-day dynamic training course with Professional Development Institute in Joint Interest Accounting!
This program provided oil and gas accountants with the knowledge of how to apply the terms and provisions of the various operating agreements and accounting procedures used by the industry today. Participants gained an understanding of the impact of various COPAS Interpretations and Accounting Guidelines on questions of joint account chargeability. Upon completion of the program, participants were able to:
• Interpret and apply the accounting requirements of joint operating agreements and the accounting exhibits, with focus on COPAS model form accounting procedures
• Explore the nature and problems of accounting for oil and gas joint interest operations, as the industry undergoes change and to apply them in practical situations
• Compare overhead recovery mechanisms and the impact of “check-off” elections contained in the various agreements
• Understand the underlying causes for operator and non-operator disputes over charges made to the joint account and create a number of alternative solutions
• Be able to understand & utilize accounts for Payouts, Net Profits Interests & Unitizations
EAG regularly holds various training courses in our office for participants throughout the year. Keep watch for our next hosted PDI course!