MFI-17 1984 Model Form Accounting Procedure Interpretation

This document provides recommendations to aid in the interpretation and application of the 1984 Model Form so there can be a common ground of understanding in negotiations.  Users will read detailed recommendations and explanations for all five major sections of the accounting procedure:  General Provisions, Direct Charges, Overhead, Pricing of Joint Account Material Purchases Transfers & Dispositions, and Inventories.   37 pages. Rev. 1985

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Table of Contents

  1. FOREWORD
  2. SPECIMEN, FORM 601 COPAS 1984
  3. GENERAL PROVISIONS
    1. DEFINITIONS
    2. STATEMENT AND BILLINGS
    3. ADVANCES AND PAYMENTS BY NON-OPERATORS
    4. ADJUSTMENTS
    5. AUDITS
    6. APPROVAL BY NON-OPERATORS
  4. DIRECT CHARGES
    1. ECOLOGICAL AND ENVIRONMENTAL
    2. RENTALS AND ROYALTIES
    3. LABOR
    4. EMPLOYEE BENEFITS
    5. MATERIAL
    6. TRANSPORTATION
    7. SERVICES
    8. EQUIPMENT AND FACILITIES FURNISHED BY OPERATOR
    9. DAMAGES AND LOSSES TO JOINT PROPERTY
    10. LEGAL EXPENSE
    11. TAXES
    12. INSURANCE
    13. ABANDONMENT AND RECLAMATION
    14. COMMUNICATIONS
    15. OTHER EXPENDITURES
  5. OVERHEAD
    1. GENERAL
      1. OVERHEAD – DRILLING AND PRODUCING OPERATIONS
      2. OVERHEAD – MAJOR CONSTRUCTION
      3. CATASTROPHE OVERHEAD
      4. AMENDMENT OF RATES
  6. PRICING OF JOINT ACCOUNT MATERIAL PURCHASES, TRANSFERS AND DISPOSITIONS
    1. PURCHASES
    2. TRANSFERS AND DISPOSITIONS
    3. PREMIUM PRICES
    4. WARRANTY OF MATERIAL FURNISHED BY OPERATOR
  7. INVENTORIES
    1. PERIODIC INVENTORIES, NOTICE AND REPRESENTATION
    2. RECONCILIATION AND ADJUSTMENT OF INVENTORIES
    3. SPECIAL INVENTORIES
    4. EXPENSE OF CONDUCTING INVENTORIES
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