Joint Interest Accounting and the JOA

This program provides 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 industry today. Participants will gain an understanding of the impact of various COPAS Interpretations and Accounting Guidelines on questions of joint account chargeability. The roles and obligations of the operator in hosting joint venture audits and claims resolution are examined in detail, with a focus on best practices.

Who Should Attend:

Industry accountants… internal auditors…financial managers involved in joint interest operations…independent consultants and CPAs who service the oil and gas industry

Prerequisites: Intro to Upstream Oil and Gas or familiarity with Oil and Gas terminology and business procedures.

Upon Completion of the Program, Participants Will:

• Examine in detail 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, especially as the industry undergoes change

• 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

• Discuss possible solutions to these unique problems

Key Topics and Objectives:

The Nature of Joint Operations in Today’s Environment

Joint Operating Agreements and Definitions / Terminology

Duties and Obligations of the Parties to a Joint Operating Agreement

Areas of Potential Dispute Between Operators and Non-Operators

Impact of New Accounting Systems on the Role of Joint Interest Accountants

Hosting Joint Venture Audits and COPAS Protocol Requirements

Addressing Audit Exceptions, and the Claims Resolution Process

In-Depth Discussion of Problem Areas, Emerging Issues and Industry Trends

Quality programs – offered on-site and adapted for your company. Contact Jim Hoffman at 214.763.9644 or via email at jhoffman@pdi.org. Visit us online at www.pdi.org