Analysis of COPAS Accounting Procedure
COPAS ACCOUNTING PROCEDURE
Joint interest agreements are designed to carry out the intention of the parties on a cost sharing basis. There are several different standard form agreements which have been developed by various organizations. The Rocky Mountain Oil and Gas Association has issued the Rocky Mountain Oil and Gas Operating Agreements Form 1, May, 1954, Form 2, January, 1955 which is being re-issued, and Form 3, November 1959 date. Other standard form operating agreements are available such as the API Model Form of Unit Operating Agreements, American Association of Petroleum Landmen Form 610 Model Form Operating Agreement and Operating Agreement Louisiana Commission Unit, 1964. All operating agreements require a separate Accounting Procedure Exhibit.
The authors of these agreements have looked to other organizations to design the Accounting Procedure which as an exhibit provides the accounting provisions.
Commencing in 1931, standard form accounting procedures have been developed periodically by various regional groups such as the Mid-Continent Oil and Gas Association Unitization Committee, Petroleum Accountants Society of Oklahoma (PASO), Petroleum Accountants Society of Los Angeles (PASLA), Petroleum Accountants Society of Western Canada (PASWC), American Petroleum Institute (API) and the Council of Petroleum Accountants Societies of Nor
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