NEWS & EVENTS
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January 2016
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Events Calendar

January 13, 2016

PASC Board of Directors Meeting (6 of 11)
January 2015/16 Meeting
Event Starts: January 13, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

January 14, 2016

Course: Revenue Audit
Revenue Audit
Event Starts: January 14, 2016
Time: 7:30 am to 12:00 noon
Location: Calgary Petroleum Club: 319 5 Avenue SW (Cardium A&B)

Revenue Audit
Format: ½ day

You will learn the following in this 1/2 day session:

  • Petrinex
    • Audit preparation - to ascertain risk areas
  • EPAP - Directive 76 (Alberta)/ EVAP (Saskatchewan)
    • Enhanced Production Audit Program System
    • Enhanced Valuation Audit Program
  • Directive 17
    • Measurement Requirements for Oil & Gas Operations
  • Directive 46
    • Production Audit Handbook
  • Gas Component Conversion & Oil Densities
  • Onsite Information
    • Production Accounting & Revenue Files
    • Oil & Gas Analysis
    • Production Accounting Information Not Available
  • Common Rick Areas & Findings
    • Gas
    • Oil & Solution Gas
    • Liquids

Instructor: Dale Richardson
Dale Richardson received a two year business administration diploma from  Mount Royal College and worked as a Tax Clerk, Gas Plant Accountant, Internal Auditor and a Revenue and Fixed Asset Supervisor before joining Rife Resources Ltd in August 1983.  He started at Rife Resources as a Senior Auditor,  became Audit Supervisor in 1987, was then promoted to the Audit Manager from 1993 to 2008. Since 2008 Dale has become the Business Manager at Rife Resources Ltd.  Dale is currently part of the Asset Preservation and Compliance Team which involves ensuring that the terms of freehold leases are complied with and non leased mineral titles lands are included with offsetting production are drilled or leased out. Dale is also part of the offset team that issues offsets on leased freehold lands where offsetting production is draining the freehold lands. The APAC teams is also involved in mediation and legal issues.

Dale also accesses risk areas internally and conducts internal reviews and contractor audits at Rife Resources which also manages  Freehold Royalties Partnership and Canpar Holdings Ltd.  Dale also participates on joint venture audits as mentor and trainer with the auditors conducting the joint venture audits.

Fee:
$300 +GST Members
$350 +GST Non-members

Location: Calgary Petroleum Club (319 5 Avenue SW)
Time: 7:30am Registration & Breakfast, 8:00am Class Starts
Note: Full breakfast & tea/coffee served between 7:30am - 8:00am

January 20, 2016

PASC Luncheon: January 20, 2016
Optimizing your AFE process for productivity and cost control.
Event Starts: January 20, 2016
Time: 11:30am - 1:00pm
Location: Calgary Petroleum Club (319 5th Avenue SW)

Optimizing your AFE process for productivity and cost control.

In our current economic climate, there is no better time to evaluate your end-to-end business processes and implement new technologies to help oil and gas companies work smarter, not harder. This presentation will focus on how to automate and optimize your AFE processes in order to eliminate waste, operate leaner, maximize productivity, control costs and overspending, and manage your capital more efficiently.

Speaker:  Jill Fernandes, Director of Clients Services, Energy Navigator Inc.
Jill Fernandes has been an influential part of the Energy Navigator Client and Technical Services department since 2006. Her thorough understanding of client workflows and keen technical ability have led her through progressively more responsible positions from second-level support resource, to her current position of Director of Client Services, where she oversees Energy Navigator client services, technical services and support for both AFE Nav and Val Nav worldwide.

Jill has an intimate knowledge of the relationship between AFE Nav and unique client business processes. Her oil and gas industry experience in Financial Accounting and Production Accounting together with related Application Support, Change Management and Release Control positions at various software providers has given Jill a comprehensive perspective to solving customer challenges. Her 20-plus years of experience in the industry have given her a thorough appreciation of the client’s perspective and the ability to develop and provide outstanding service and support to Energy Navigator clients.

PASC Members: $45.00 +GST
Nonmembers: $55.00 +GST
Location: Calgary Petroleum Club (319 - 5th Avenue SW)

Lunch will be provided with a non-alcoholic beverage, and dessert.

February 10, 2016

PASC Board of Directors Meeting (7 of 11)
February 2015/16 Meeting
Event Starts: February 10, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

February 11, 2016

PASC Luncheon: February 11, 2016
Speaker: Neil Narfason
Event Starts: February 11, 2016
Time: 11:30am - 1:00pm
Location: Calgary Petroleum Club (319 5th Avenue SW)

"Everything you wanted to know about oil & gas insolvency but were afraid to ask"

Items covered:

  1. What generally happens to an oil & gas entity after a bankruptcy/receivership/CCAA?  Normal course?
  2. Effective date of the receivership - pre-post issues - activity/production month
  3. CAPL/JOA issues - impact of the stay of proceedings. JV/WI partner rights
  4. Taking production in kind - operator and non-operator perspectives - working capital impact
  5. Operatorship - what happens when the operator is placed into insolvency proceedings?
  6. AER implications - LMR and transaction approvals
  7. Priorities - GORR/Royalties/Freehold/Surface Leases/trade liens

Speaker: Neil Narfason
Mr. Narfason leads EY’s Energy Market Segment Transaction Advisory Services Group and Energy Market Segment Restructuring Group. His focus is on providing restructuring advisory services across a wide range of industries including significant inter-jurisdictional issues and international matters.

For over 24 years he has primarily been involved in providing restructuring and financial advice to creditors/debtors, acting as monitor in CCAA proceedings, acting as foreign representative in US ch. 15
filings, acting as receiver and manager and trustee in bankruptcy, conducting due diligence, operational reviews and viability assessments. He has also conducted valuations of energy entities and has provided corporate finance advice on the acquisition and sale of energy businesses and specific energy assets.

PASC Members: $45.00 +GST
Nonmembers: $55.00 +GST
Location: Calgary Petroleum Club (319 - 5th Avenue SW)

Lunch will be provided with a non-alcoholic beverage, and dessert.

February 23, 2016

PJVA/PASC/CAPPA Seminar: 13th Month Adjustments, February 2016
13th Month Adjustments, Darren Reeves
Event Starts: February 23, 2016
Time: 7:30 am Registration/Breakfast; 8:00 am - 4:00 pm Session
Location: U of C Downtown Campus, 906 - 8 Avenue SW, Computer Lab DTC 140

February 23, 2016

Course: Gas Allocations - Using the declining balance method (Advanced)
Advanced Gas Allocations: Using the declining balance method
Event Starts: February 23, 2016
Time: Registration & Breakfast 8:00 am; Course 8:30 am - 4:30 pm
Location: Calgary Petroleum Club

Advanced Gas Allocations: Using the declining balance method
Format: 1 day

Note: If you have taken the Product Analysis & Audit Course you can register directly into the Advanced Product Allocations course and do not need to complete the intermediate level course.

This course will cover:

  • Configuration – schematic metering diagrams, AER SMD requirements, what constitutes a gas gathering system, production accounting system configuration
  • Accounting for hydrocarbon liquids
  • Example of a declining balance allocation including the following concepts: effluent proration battery, measurement by difference, C7+ gas equivalent factors, gas lift, return fuel, C3 recovery efficiency factor, sulphur allocation, plant fuel allocation, two plant stream
  • Allocation checks
  • Allocation audit findings
  • Allocations today and in the future

Instructor: Kevin Boyce
For the past 17 years Kevin Boyce worked as a production measurement audit for Encana Corporation.  Prior that that he worked at Chevron Canada Resources for 9 years as a production accountant, joint venture analyst, financial analyst and internal auditor.  He has an Certified Internal Auditor designation, a Certification in Control Self-Assessment and an MBA.  He is  an active member of the Industry Measurement Group (IMG) and is currently heading the subcommittee on changes to the AER regulations.   He has instructed for PASC, CSHM, & PJVA.

Materials Required:
Each student is requested to bring a laptop and 5 different colours of highlighters.

Fee:
$500 +GST Members
$575 +GST Non-members

Location: Calgary Petroleum Club (319 - 5th Avenue SW)
Includes a full breakfast from 8:00 am - 8:30am & Lunch

February 24, 2016

PASC Course: 2011 Accounting Procedure (Introduction)
2011 Accounting Procedure (Introduction) 1/2 Day
Event Starts: February 24, 2016
Time: registration & Breakfast 8:00 am; Course 8:30 am - 12:00 noon
Location: Calgary Petroleum Club, Viking Room - 319 5 Avenue SW

2011 Accounting Procedure: Introduction
Format: ½ day (4-hours)

The PASC 2011 Accounting Procedure affords a new option to companies for a model accounting procedure that was designed in context of an ever-changing industry environment. This course acts as an introduction to some of the key changes that were brought about with the introduction of the 2011 PASC Accounting Procedure, and overviews how some of the new options in PASC 2011 affect our current business practices.

Instructor:  Kody Carroll
As President of Integrity Audit and Accounting Ltd., Kody Carroll has been specializing in Joint Venture Accounting and Joint Venture Audit for both upstream and midstream oil and gas companies for 18 years. He has performed and managed a number of audits at a multitude of companies across the industry. In addition, he has been involved in training on PASC model agreements, equalizations, joint venture accounting, and joint venture audit.

Kody is a member of the Joint Venture Audit Committee (JVAC) of PASC and has a MBA from the University of Calgary specializing in Global Energy Management and Sustainability.

Fee:
$300 +GST Members
$350 +GST Non-members

Wednesday, February 24, 2016
Registration & Breakfast 8:00 am; Course 8:30am - 12:00pm
Calgary Petroleum Club, Viking Room - 319 5 Avenue SW

February 25, 2016

Course: Equalizations Basics
Equalizations Basics 1/2 day
Event Starts: February 25, 2016
Time: Registration & Breakfast @ 8:00am; Course 8:30 am to 12:00 noon
Location: Calgary Petroleum Club

Equalizations (13th Month Throughput Adjustments) Basics

This half day course is intended for people who want to understand what an equalization (13th month throughput adjustment) is, why we do them, and what information is contained within them.  It is ideal for those individuals looking to gain an understanding of the steps required to approve and/or code out an equalization.  An equalization will be done in class to demonstrate all of the components that make up an equalization and where the data comes from.  The course may not be in depth enough for individuals who will be required to do the equalizations for their organization.

Instructor: Lorie Lindberg
Lorie has been working in the oil patch for 35 years in the areas of production, revenue, and royalty accounting.  She received her CMA designation in 1991 and has also received  Certificates in Production Accounting (CAPPA), Joint Venture Auditing, and Teaching .

Lorie has been teaching for the past 25 years for CAPPA, PASC, and various other organizations.  She currently consults for several companies specializing in Gas Cost Allowance and Equalizations.

Fee:
$300 +GST Members
$350 +GST Non-members

Date: February 25, 2016
Location: Calgary Petroleum Club (319 - 5th Avenue SW)
Includes a full breakfast from 8:00am - 8:30am.

March 9, 2016

PASC Board of Directors Meeting (8 of 11)
March 2015/16 Meeting
Event Starts: March 9, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

March 16, 2016

PASC Luncheon: March 16, 2016
Event Starts: March 16, 2016
Time: 11:30am - 1:00pm
Location: Calgary Petroleum Club (319 5th Avenue SW)

How to manage risks across currency markets by incorporating FX hedging.

In the past year we have seen unprecedented volatility across currency markets. Now is the time to evaluate how these risks have impacted cash flows and your company’s bottom line. 

This presentation will focus on how to manage risk by incorporating FX hedging. What does the hedging process for FX exposures look like and why is it so important to have a plan? What tools are available so that you can achieve a better rate of transaction over time, while at the same time forecasting cash flows more efficiently?

PASC members will leave this presentation with a deeper understanding of the factors affecting the Canadian dollar, as well as a working knowledge of derivative products which will allow you to protect your company’s bottom line and participate in favourable market movement at the same time.

Presenter: 
Paul Lennox, CFA, is the President and co-founder of EncoreFX and has over 20 years of financial markets experience including 15 years in foreign exchange.  Paul was the treasurer and a member of the executive team at Custom House for 10 years.  He helped build Custom House into a $400 million dollar global FX and payments company.  Paul is passionate about the FX business.  He is a CFA charter holder, has a BA in Economics and was formerly an officer in the Canadian Navy. 

PASC Members: $45.00 +GST
Nonmembers: $55.00 +GST
Location: Calgary Petroleum Club (319 - 5th Avenue SW)

Lunch will be provided with a non-alcoholic beverage, and dessert.

March 29, 2016

PASC Course: 2011 Accounting Procedure (Intermediate)
2011 Accounting Procedure (Intermediate) 1/2 Day
Event Starts: March 29, 2016
Time: Registration & Breakfast 8:00 am; Course 8:30 am - 12:00 noon
Location: Calgary Petroleum Club, Viking Room - 319 5 Avenue SW

2011 Accounting Procedure: Intermediate
Format: ½ day (4-hours)

This intermediate course on the 2011 PASC Accounting Procedure picks up where the introductory course left off by providing a more in depth clause-by-clause analysis of key differences between PASC 1996 and PASC 2011. The course will also review some of the challenges that industry may still have to content with when adopting and adapting the 2011 PASC Accounting Procedure for the governing agreements of today and tomorrow. 

Instructor:  Kody Carroll
As President of Integrity Audit and Accounting Ltd., Kody Carroll has been specializing in Joint Venture Accounting and Joint Venture Audit for both upstream and midstream oil and gas companies for 18 years. He has performed and managed a number of audits at a multitude of companies across the industry. In addition, he has been involved in training on PASC model agreements, equalizations, joint venture accounting, and joint venture audit.

Kody is a member of the Joint Venture Audit Committee (JVAC) of PASC and has a MBA from the University of Calgary specializing in Global Energy Management and Sustainability.

Fee:
$300 +GST Members
$350 +GST Non-members

Tuesday, March 29, 2016
Registration & Breakfast 8:00 am; Course 8:30am - 12:00pm
Calgary Petroleum Club, Viking Room - 319 5 Avneue SW

Closed Meetings

January 19, 2016

Materials & Inventory Committee Meeting
Closed Meeting
Event Starts: January 19, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

January 21, 2016

Education Committee Meeting
Closed Meeting
Event Starts: January 21, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

January 26, 2016

Joint Interest Research Committee Meeting
Closed Meeting
Event Starts: January 26, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

January 27, 2016

Marketing Committee Meeting
Closed Meeting
Event Starts: January 27, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

February 11, 2016

Joint Venture Audit Committee Meeting
Closed Meeting
Event Starts: February 11, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

February 16, 2016

Materials & Inventory Committee Meeting
Closed Meeting
Event Starts: February 16, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

February 17, 2016

Education Committee Meeting
Closed Meeting
Event Starts: February 17, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

February 23, 2016

Joint Interest Research Committee Meeting
Closed Meeting
Event Starts: February 23, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

February 29, 2016

Marketing Committee Meeting
Closed Meeting
Event Starts: February 29, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

March 10, 2016

Joint Venture Audit Committee Meeting
Closed Meeting
Event Starts: March 10, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

March 15, 2016

Materials & Inventory Committee Meeting
Closed Meeting
Event Starts: March 15, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

March 22, 2016

Joint Interest Research Committee Meeting
Closed Meeting
Event Starts: March 22, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

March 24, 2016

Education Committee Meeting
Closed Meeting
Event Starts: March 24, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club

March 30, 2016

Marketing Committee Meeting
Closed Meeting
Event Starts: March 30, 2016
Time: 11:30 am - 1:30 pm
Location: Calgary Petroleum Club


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