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October 2014
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PASC Board of Directors Meeting (3 of 11)
October 2014/15 Meeting
Location: Calgary Petroleum Club: President's Room
Time: 11:30 am - 1:30 pm
Getting Personal: Individual Liability and Corruption in Canada
Location: Global Business Centre 5th Floor - 120 8th Ave SE, Calgary, AB, Calgary
Time: 7:30am - 9:00am

The fight against corruption is getting personal. Enforcement agencies are targeting senior managers, executives and board members for corrupt dealings carried out on their watch, with or without their knowledge. Most people wouldn't actively participate in schemes to bribe foreign officials. But it is all too common to see directors and officers join companies with activities in emerging markets where corruption is rampant, unwittingly exposing themselves to considerable liability in the process. Please join us on Wednesday, October 8 for a candid panel discussion with some of Canada's foremost corruption experts. Our panelists will draw from case studies and precedent-setting legal cases to discuss emerging corruption risks to directors and officers. They will examine common elements to successful corporate anti-bribery strategies and provide practical advice on mitigating personal risk. Breakfast will be provided. Please click on the links below to register or RSVP.

Hosted by: CKR Global

 

Register Now

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Course: 2011 Accounting Procedure (AM Session)
Introduction to the 2011 Accounting Procedure Course - Morning
Location: Calgary Petroleum Club (319 5 Avenue SW), Cardium Rooms
Time: 8:30 am to 12:00 noon

PASC is offering a half day introduction course on the 2011 Accounting Procedure.

This course overviews the changes in PASC 2011 and an article-by-article review of how some of those changes affect our business practices.

Instructor: Kody Carroll, President Integrity Audit and Accounting Ltd.

PASC Members: $300 + GST

Non-PASC Members: $350 + GST

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Course: Intro to Petroleum Tax - afternoon session
Intro to Petroleum Tax - afternoon
Location: Calgary Petroleum Club (319 5 Avenue SW)
Time: Registration 12:30pm; 1:00 pm- 4:30 pm

Now is your chance to find out why the tax department wants to know how and why you coded that well the way that you did.

Topics for the course include:

  • Overview of Income Tax
  • What is income
  • How oil and Gas activities are treated for tax
  • Land costs; Development Costs
  • Revenue, expenses & tax

This is the time to finally understand what COGPE, CDE and CEE tax classes are and how they affect your companies' bottom lines.  At the end of the class you will be informed as to how the tax gurus complete the T2 tax return. 

Members: $300 +GST; Non-Members: $350 +GST

Instructor:  Keith Raskob-Smith

Currently the Leader, Tax Compliance at Devon Canada Corporation.  Keith has been practicing oil & gas taxation for the last 17 years.  He started doing it auspiciously with the Canada Revenue Agency when he moved to Calgary in 1997.  In 2006, he saw the light and moved to KPMG, where he assisted clients and helped teach the Intro to Oil & Gas course that KPMG presented on behalf of the Calgary Petroleum Tax Society and the University of Calgary Continuing Education.  In 2010, he moved to Husky Energy and has been with Devon since 2012.  

Along the way, he has had the good fortune of working with many learned and experience oil & gas tax folk, and while not always in agreement with them, he has gained very valuable experience, not just in taxation, but the oil & gas industry as a whole.  Keith will provide a good overview of how oil & gas is taxed in Canada, and how that may affect business decisions.

Location: Calgary Petroleum Club (319 - 5th Avenue SW)

Date: October 21; Time: 1:00pm - 4:30pm

PJVA/PASC/CAPPA Seminar: 13th Month Adjustments, October 2014
13th Month Adjustments, Darren Reeves
Location: U of C Downtown Campus, 906 - 8 Avenue SW, Computer Lab 232
Time: 7:30 am Registration/Breakfast; 8:00 am - 4:00 pm Session
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PASC Annual General Meeting & Luncheon
Members Only Event
Location: Calgary Petroleum Club (319 5th Avenue SW)
Time: 11:30am - 1:30pm

Agenda

11:30am - Registration & Lunch
12:00pm - Annual General Meeting
12:15pm - Presentation by Cameron Gingrich and Dr. Lev Virine, Ziff Energy
 

Full Cycle Cost of Oil & Gas

Cameron Gingritch

Cameron Gingrich, B.Sc., B.A. – Director, Gas Services, has a decade of natural gas experience.  Responsible for analytical support and in-depth customized data analysis, trending, and modeling.  Focuses effort toward the North American Gas Strategies Retainer Service, multi-client studies, and custom consulting projects include: analysis of pipeline tolls, gas supply/storage load duration modeling, gas demand outlooks, and gas price modeling.  Mr. Gingrich was the lead analyst on the Northern Gas and Evolution of Dawn Multi-client studies, and authored papers on: Summer Gas Storage Analysis, Canadian Gas Exports to 2025, Natural Gas Price Forecast to 2045, and LNG Outlook to 2035.  In addition to the Canadian Securities Course, Mr. Gingrich has two degrees: a Bachelor of Science from the University of Alberta and a Bachelor in Arts in Economics from the University of Calgary where his studies focused on strategic energy and financial markets.  

Lev VirineDr. Lev Virine, P.Eng., Ph.D. – Manager, Gas Consulting, has over 2 decades of technical experience, economic evaluation of oil and gas reserves, decision and risk analysis, portfolio management, and oil and gas reserves management.  He assisted leading national and international exploration and production companies in establishing reserves evaluation and decision analysis processes.  Dr. Virine is the author of more than 40 scientific papers and articles, 7 patents, and two books.  His current focus is gas production outlooks, gas supply decline analysis, and full cycle cost assessment.  He has spoken at conferences and symposiums around the world.  Dr. Virine received his doctoral degree in engineering and computer science from Moscow State University of Railway Engineering. 

Presentation Summary:  The costs for the Energy Industry to find, develop, produce, and manage oil and gas production has 3 key components:

1.     Technology enhancements improve industry performance

2.     Finding & Development costs can shrink with more reserves identified for each well (multi-lateral horizontal wells completed with dozens of hydraulic fractures)

3.     Operating costs can be driven down through ruthless efficiency gains extracted by applying best practices, benchmarking, and determined focus on the bottom line

By combining the cost components, full cycle costs can be compared between Western Canada and other basins throughout North America. The industry will systematically develop lower cost basins first. Natural Gas Liquids can provide an important price uplift for gas producers, thus producers may select liquid prone regions first. The presentation concludes with a quick recap of LNG, full cycle oil & gas costs, along with oil sands cost. If you want to get a concise version on full cycle costs, this is the Event for you.

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PASC Committee Meeting
Education
Location: Calgary Petroleum Club
Time: 11:30 am - 1:30 pm
Course: Equalizations Basics (AM Session)
Equalizations Basics (AM Session)
Location: Calgary Petroleum Club
Time: Registration starts @ 8:00am; Course 8:30 am to 12:00 noon

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 not intended for people who will be required to do the 13th month adjustments.

Members:
$300 +GST; Non-Members: $350

Instructor: Lorie Lindberg

Location: Calgary Petroleum Club (319 - 5th Avenue SW)

Date: October 23

AM Session: 8:30am - 12:00pm

PM Session: 1:00pm - 4:30pm

Course: Equalizations Basics (PM Session)
Equalizations Basics (PM Session)
Location: Calgary Petroleum Club
Time: Registration starts @ 12:30pm; Course 1:00pm - 4:30pm

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 not intended for people who will be required to do the 13th month adjustments.

Members:
$300 +GST; Non-Members: $350

Instructor: Lorie Lindberg

Location: Calgary Petroleum Club (319 - 5th Avenue SW)

Date: October 23

AM Session: 8:30am - 12:00pm

PM Session: 1:00pm - 4:30pm

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PASC Committee Meeting
JIR
Location: Calgary Petroleum Club: Cardium
Time: 11:00 am - 2:00 pm
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November 2014
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PASC Board of Directors Meeting (4 of 11)
November 2014/15 Meeting
Location: Calgary Petroleum Club: Cardium A
Time: 11:30 am - 1:30 pm
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PASC November Luncheon
2011 Accounting Procedure
Location: Calgary Petroleum Club (319 5th Avenue SW)
Time: 11:30am - 1:00pm

The PASC 2011 Accounting Procedure has changed the way companies should look at their AFE budgets. In past accounting procedures, the AFE budget was used for guidance and to establish limits on engineering expenditures but it ultimately did not establish the types of costs that would be approved. This luncheon will focus on the specific things that an approving engineer needs to pay attention to when it comes to AFE budgets and also what that will mean to the accountants administering the Joint Account.

Speaker: Kody Carroll

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

Note: Please make menu selection when registering.  If a menu selection is not made, one will be selected by the PASC administrator.

PASC Committee Meeting
Education
Location: Calgary Petroleum Club
Time: 11:30 am - 1:30 pm
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PJVA/PASC/CAPPA Seminar: 13th Month Adjustments, November 2014
13th Month Adjustments, Darren Reeves
Location: U of C Downtown Campus, 906 - 8 Avenue SW, Computer Lab 232
Time: 7:30 am Registration/Breakfast; 8:00 am - 4:00 pm Session
PASC Committee Meeting
JIR
Location: Calgary Petroleum Club: Cardium
Time: 11:00 am - 2:00 pm
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Annual General Meeting & Luncheon

Register here

PASC's Annual General Meeting will take place on Wednesday, October 22 at the Calgary Petroleum Club from 11:30am - 1:30pm. This is a complimentary members only event.

Agenda
1. Call to Order and Opening Remarks
2. Approval of the Agenda
3. Approval of the Minutes of the October 17, 2013 Meeting
4. Financial Report
    a. Approval of the Audited Financial Statements as at June 30, 2014
    b. Appointment of Auditors for 2014/15 year
5. Elections
6. Adjournment
7. Presentation of Plaques to Outgoing Board Members
8. Presentation on "Full Cycle Cost of Oil & Gas" by Cameron Gingrich and Dr. Lev Virine of Ziff Energy.

2013 Meeting Minutes
2014 AGM Agenda & Notice

What's New

  • Nov 2014 - 13th Month Adjustments - link
  • Oct 2014 - Course: Equalizations Basics – AM Session - link
  • Oct 2014 - Course: Equalization Basics – PM Session - link
  • Oct 2014 - Full Cycle Cost of Oil & Gas Luncheon (Annual General Meeting) - link
  • Oct 2014 - Course: Intro to Petroleum Tax
  • Oct 2014 - Course: Intro to the 2011 Accounting Procedure – AM Session
  • Oct 2014 - Course: Intro to the 2011 Accounting Procedure – PM Session
  • Sep 2014 - Course: Intro to Petroleum Tax

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