PASSA Meeting

Speaker 1: Kirk Foreman – 11:00 – 11:50 am

Topic:  MFI – 40 re-write (24 Month Adjustment Period for Joint Account Adjustments)

Delivery Method:  Group Live Presented

CPE offered:  1 hour

Program Level:  Basic

Prerequisites:  None

Advanced Preparation:  None

Course Description

This will be a Joint Interest Committee presentation and discussion regarding the contents of draft two of the re-write of MFI – 40 to determine if additional changes to the draft are needed.

Learning Objectives

Review the MFI – 40 draft two for accounting content that will meet today’s needs of the Petroleum Industry.  Once reviewed and discussed, attendees will understand the MFI – 40 draft document.  If the PASSA determines changes are needed, the changes will be documented and provided to the MFI – 40 drafting team.

Speaker Bio – Kirk Foreman has recently retired from EOG Resources as Accounting Manger over frac sand purchase and delivery, Lease Accounting, and Lease Operating Expenses for the Eagle Ford San Antonio division.   He has worked in the Oil and Gas Industry for 31 years.  He currently serves as President of the San Antonio COPAS society and serves on the COPAS National board of directors.  Kirk holds a BBA in Accounting from the University of Texas at Arlington and is Certified Public Accountant.  He currently works as an Oil and Gas accounting/audit consultant.

Speaker 2: Steve Bailey – 12:10 – 1:00 pm

Topic:  Hidden Gems of Royalty Compliance

Delivery Method:  Group Live Presented

CPE offered:  1 hour

Program Level:  Basic

Prerequisites:  None

Advanced Preparation:  None

Course Description

Discuss the basics of Sovereign Royalty reporting requirements.  Attendees will gain insights into various existing requirements and how to build overall compliance efforts.  The audience will also gain insights into any new requirements and overall industry trends in areas such as audits and penalty assessment.

Learning Objectives

By the end of the presentation, the attendees will be better equipped to:

1. Understand basic requirement of the ONRR valuation and reporting requirements.
2. Identify key context behind and within the overall State level royalty reporting.
3. Gain perspective on how to be prepared for the inevitable audits by agencies.
4. Discuss the importance of establishing and aligning your cross-functional teams in the support of corporate compliance.
5. Develop and maintain key relationships with regulatory bodies.

Speaker Bio – Steve Bailey is Safire Oil and Gas Consulting’s Vice President of Compliance Advisory Services.  Steve possesses a comprehensive and diverse expertise in severance tax, State and Federal royalty reporting, and a technical understanding of clients’ accounting and internal control systems. Steve began his four-decade oil and gas career with Sun Oil Company in Dallas, TX as a Severance Tax Analyst, moved on to Amerada Hess Corporation in Tulsa, OK as a Senior Analyst over MMS Reporting, before making a move to Denver, CO to serve as Supervisor of Tax and Royalty Compliance for Presidio Oil and Gas. Steve then returned to Tulsa with Amoco Production Company and successive legal entities where he served a total of 24 years serving in roles of MMS Audit Coordinator, Senior Revenue Analyst, and Supervisor of Regulatory Compliance and MMS Audit Coordination.  He ultimately retired from BP America Production Company in October 2020, where he had spent the twelve years serving as Supervisor of State Production Tax and Royalty then Manager of the Rockies Region Revenue & Compliance Manager and Business Lead over an SAP 2.0 System Implementation.   Steve joined Safire immediately after his retirement and now enjoys sharing his knowledge and experience with customers or via speaking engagements.

Steve has a Batchelor of Science in Accounting from East Central University in Oklahoma and now resides in Houston, TX.  Steve is married and he and his spouse Thom care for an “adopted senior” Olivia Martinez.