MFI-30 1995 Model Form Accounting Procedure Interpretation

This document provides recommendations to aid in the interpretation and application of the 1995 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, Methods of Charges to the Joint Account, Costs Incurred on the Joint  Property, Costs Incurred Off the Joint Property, Overhead, Material Purchases, Transfers & Dispositions, and Inventories & Controllable Material.  It includes a comparison matrix between the 1995 Model Form and the 1984/1986 Model Forms. 65 pages. Pub. 1996.

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Description

Table of Contents

  1. FOREWORD
  2. MODEL FORM INTERPRETATION
    1. GENERAL PROVISIONS
      1. DEFINITIONS
      2. STATEMENTS AND BILLINGS
      3. ADVANCES AND PAYMENTS BY NON-OPERATORS
      4. ADJUSTMENTS
      5. EXPENDITURE AUDITS
      6. AFFILIATES
      7. APPROVAL BY PARTIES
      8. AMENDMENT OF RATES
    2. METHOD OF CHARGES TO JOINT ACCOUNT
      1. FIXED RATE
      2. COSTS
    3. COSTS INCURRED ON THE JOINT PROPERTY
      1. RENTALS AND ROYALTIES
      2. LABOR
      3. MATERIAL
      4. TRANSPORTATION
      5. SERVICES
      6. EQUIPMENT FURNISHED BY THE OPERATOR
      7. DAMAGES AND LOSSES TO JOINT PROPERTY
      8. TAXES AND PERMITS
      9. INSURANCE
      10. COMMUNICATIONS
      11. ECOLOGICAL AND ENVIRONMENTAL
      12. ABANDONMENT AND RECLAMATION
    4. COSTS INCURRED OFF THE JOINT PROPERTY
      1. FACILITIES
      2. ECOLOGICAL AND ENVIRONMENTAL
      3. LEGAL EXPENSE
      4. TRAINING
      5. ENGINEERING, DESIGN, AND DRAFTING
    5. OVERHEAD
      1. OVERHEAD—DRILLING AND PRODUCING OPERATIONS
      2. OVERHEAD—MAJOR CONSTRUCTION AND CATASTROPHES
    6. MATERIAL PURCHASES, TRANSFERS, AND DISPOSITIONS
      1. DIRECT PURCHASES
      2. TRANSFERS
      3. DISPOSITION OF SURPLUS
      4. SPECIAL PRICING PROVISIONS
    7. INVENTORIES OF CONTROLLABLE MATERIAL
      1. DIRECTED INVENTORIES
      2. NON-DIRECTED INVENTORIES
  3. COMPARISON MATRIX

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