Joint Interest Billing and the JOA

This one-day program focuses on the form and content of typical joint interest billings (JIB's) and will cover key provisions of operating agreements and accounting procedures that dictate billing practices. Participants will gain an understanding of the impact of various COPAS Interpretations and Accounting Guidelines on this process. The duties and obligations of both operator and non-operator 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:

• Learn operating agreement and accounting procedure requirements

• Review the evolution and purpose of the summary form billing

• Understand the purpose and accounting treatment of cash calls

• Become familiar with COPAS guidelines related to billings

• Learn the impact of the 24-month limitation on adjustments

• Discuss/share problems and best practices in the billing process

Key Topics and Objectives:

Minimum Data Requirements for the Summary Form Type of Billing

Key Operating Agreement and Accounting Procedure Language

Payment Terms and Critical Dates in the Billing/Payment Process

Defaults, and the Remedies Available Under the Agreements

COPAS Interpretation #22 and the 24-month Adjustment Period

Impact of New Accounting Systems on the Billing Process

Protested Billings and the Role/Purpose of Joint Interest Audits

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