Malone Petroleum Consulting



Joint Account Compliance and Expenditures

Joint Review Compliance and Expenditures

We include such other procedures that we consider necessary under the circumstances. The scope of the joint account review is primarily governed by the compliance to the terms and conditions of the records and documentation from the oil and gas activities, i.e,

1. AFE's
2. Bids
3. Company reports
4. Consultants reports
5. Contracts, e.g., drilling
6. COPAS accounting agreements
7. COPAS bulletins
8. COPAS interpretations
9. Correspondence files
10. Daily drilling reports
11. Fairness and intent
12. Government reports
13. Letter Agreements
14. Maps
15. Mud Engineer's reports
16. Oil and Gas industry practice
17. Operating agreement and attachments
18. Operator reports
19. Prudent operator evaluation
20. Purchase/service orders
21. Tour reports
22. Unit agreement
23. Well and lease inventories
24. Well files

The scope of the review is designed to assure that the records for the operations conformed to the provisions of the preceding agreements, contracts, documents and practices; it is also designed to review the propriety of advances, joint interest billings, invoices and supporting tickets, journal entries, and material transfers for a minimum of the following types of expenditure areas:

1. Advance reconciliations
2. Before/after casing point
3. Bit usage
4. Boats & helicopters
5. Casing and tubing
6. Coding errors
7. Company labor and benefits
8. Consultants
9. Contractor charges
10. Diesel fuel
11. Discounts
12. Duplicate charges
13. Equipment for lease & well
14. Facility charges
15. Freight equalization
16. Insurance
17. Lease & prospect acquisition
18. Lease rentals
19. Lease operating agreements
20. Operator-source charges
21. Operator vendor ownership(s)
22. Overhead
23. Non-consent operations
24. Pricing
25. Rentals
26. Services
27. Taxes
28. Working interest percentages
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