Introduction Accounting

1. Why Accounting?

2. What Acc.St. exist.

2.1. SFAS No. 69

2.1.1. Proved O&G reserve quantities

2.1.2. Capitalized costs relationg to O&G prod.

2.1.3. Costs incurred or A,E,D

2.1.4. Results of operations

2.1.4.1. Reserve disclosures

2.1.4.2. Value based

2.1.4.2.1. DCF

2.1.4.2.2. changes in DCF

2.1.4.3. non-value based

2.1.4.3.1. proved&probable

2.1.5. future net cash flow

2.2. 2001 Sorp(exc. reserve value)

3. Specific in O&G

3.1. Contracts

3.1.1. Lease

3.1.2. Concessions

3.1.3. PSA

3.1.4. risk service agreements

3.2. Minerals rights

3.2.1. US often individuals

3.2.2. Normaly government ownes rights

4. Who needs Financial Statments?

5. Methoden

5.1. SE

5.2. FC

5.3. Overview Pro/Cons