Petroleum Accountants
Society of Houston
Education Day 2009
Wednesday, May 20, 2009
HILTON Americas - Houston
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Opening Session - 8:00 – 8:50
The Texas Electric Market (NT)
- Paul Wattles – Electric Reliability Council of ……………………………….pg. 5
Texas (“ERCOT”)
Concurrent Session I - 9:00 - 9:50
1. IFRS Update (T)
- Todd Markus – Accretive Solutions……………………………………..…..pg. 7
2. The Oil and Gas Acquisition Market and Challenges Confronting Natural Gas
(NT)
- James Vanderhider – EnerVest, Ltd………………………………………...pg. 8
3. Value Added Auditing (T)
- Steve Goepfert – Continental Airlines, Inc……………………………....pg. 15
Concurrent Session II - 10:00 - 10:50
1. Modernization of Oil and Gas Reserves Reporting (T)
- Brandon L. Sear – Grant Thornton LLP………………………………….pg. 17
2. What’s in a Lease? Negotiating a Lease (NT)
- Jim Hoffman – PDI…………………………………………………………..pg. 18
3. Derivatives - A Re-introduction on Basics – Part 1 (T)
- Jeff E Urban & Chris Bednar – KPMG LLP…………………………....pg. 20
Concurrent Session III - 11:00 - 11:50
1. Internal Controls & Fraud Awareness (T)
- Paula Jourde – Enertia Software………………………………………….pg. 22
2. Bankruptcies (NT)
- Omar Alaniz,– Baker Botts LLP…………………………………………..pg. 24
3. Derivatives – Current Industry Issues – Part 2 (T)
- Jeff E Urban & Chris Bednar – KPMG LLP…………………….…….pg. 26
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Luncheon Address – 12:30 – 1:20
"The Emerging Leader: Eight Lessons for Life in Leadership" (NT)
- David Lewis, Author…………………………………………………….pg. 29
Concurrent Session IV - 1:30 - 2:20
1. Asset Retirement Obligations (ARO) Calculations (T)
- Dave Loucks – Opportune LLP……………………………………….pg. 31
2. Production Handling Agreements for Deepwater Platforms (NT)
- Jorge A Tabares – BP America Inc…………………………………..pg. 32
3. Unclaimed Property (T)
- Trisha Doucet – UHY Advisors SALT, LLC…………………………pg. 33
Concurrent Session V - 2:30 - 3:20
1. SEC Regulatory Update and Recent Comment Letter Trends (T)
- Paul Kerr – PricewaterhouseCoopers LLP……………………….pg. 35
2. Carbon Trading and Other Issues (NT)
- Randall N Lack – Element Markets, LLC……………………………pg. 37
3. Expandable Liner Hanger Systems (NT)
- Ron Nida – Halliburton Company……………………………….…pg. 38
Concluding Session – 3:35 – 4:25
Social Security & You (NT)
- Elaine O Hermsen – Social Security Admin……………………pg. 39
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Opening Session by Paul Wattles – Electric
Reliability Council of Texas (ERCOT)
BIO:
Paul Wattles is Supervisor of Demand Response in the Market Operations Support
group at the Electric Reliability Council of Texas. He has been with ERCOT since
May 2004. The Demand Response group oversees participation by demand-side
resources in ERCOT’s wholesale markets, including Loads Acting as a Resource
(LaaRs) in the ERCOT Ancillary Services markets and Emergency Interruptible
Load Service (EILS). Paul previously held the position of ERCOT manager of
governmental relations and communications. He has over nine years of electric
industry experience with an emphasis on advanced metering and demand response,
plus over 15 years of private sector business experience and six years of service as
a Congressional aide in Washington, D.C. He is a graduate of the University of
Arizona in Tucson.
Presentation Info:
ERCOT and the Texas Electricity Markets
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Introduction to ERCOT
Brief history
Description of the ERCOT grid
Restructuring of the Texas electricity markets (10 years later)
Governmental oversight
ERCOT’s responsibilities (as assigned by Senate Bill 7 in 1999):
Ensure open access to transmission and distribution systems
Ensure reliability -- “Keep the lights on”
Ensure timely conveyance of information needed to support customer choice
(retail switching)
Ensure accurate accounting for electricity production and delivery
(wholesale settlement)
What this means and how we do it:
Grid operations
Retail market
Wholesale markets
Transmission planning
Generation interconnections & retirements
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Wind and other renewables
Load (customer) participation
Questions?
6
IFRS Update by Todd Markus – Accretive
Solutions
BIO:
Todd Markus is VP of Accounting & Finance and Enterprise Governance for
Accretive Solutions. In addition to his role as a national practice leader, Todd
serves as a project manager or technical advisor to both public and privately held
companies in areas related to SEC reporting, IFRS, Sarbanes-Oxley Section 404
compliance and other technical accounting matters. Prior to joining Accretive
Solutions, Todd was a senior manager in the audit practice of KPMG and served as
a national instructor for assurance training and as part of the firm’s internal quality
review team.
Presentation Info: The implementation of IFRS is much more than a technical
accounting exercise – it is a transformational process with implications for the
entire organization. Though a mandatory adoption of IFRS remains years away,
companies are making process and information system investments today that will
be significantly impacted by the conversion. Understanding how the
implementation of IFRS will specifically impact your company is critical to
ensuring that these investments incorporate the requirements needed to execute the
most efficient conversion to IFRS.
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The Oil and Gas Acquisition Market and
Challenges Confronting Natural Gas by
James Vanderhider – EnerVest, Ltd.
BIO:
Jim serves as Executive Vice President and Chief Financial Officer of EnerVest
and has been with EnerVest since March 1996. He is responsible for EnerVest's
capital formation efforts and for financial management, including risk
management, of the institutional investments. Prior to joining EnerVest, Jim was
Executive Vice President and Chief Financial Officer of Torch Energy and Senior
Vice President and Chief Financial Officer of Nuevo Energy, a company that he
helped take public with John Walker. Prior to such time, Jim was responsible for
the Corporate Internal Audit activities of The Coastal Corporation, now a
subsidiary of El Paso Corporation. In that capacity he oversaw the corporate audit
activities of Coastal's various business segments including pipeline, refining and
marketing, exploration and production, coal and chemical, and trucking. Prior to
that, he was Chief Financial Officer of Walker Energy Partners, a master limited
partnership which he helped form with John Walker. Jim began his career with
Deloitte and Touche in the audit department focusing on the energy industry.
Jim received a B.B.A. in Accounting from Texas A&M University graduating
summa cum laude and is a Certified Public Accountant. He is a native Houstonian
and is actively involved with several industry and social organizations. He is a
member of the IPAA, the American Institute of Certified Public Accountants,
Houston Producers' Forum, Texas Society of Certified Public Accountants,
Houston Energy Finance Group, and Houston Acquisitions and Divestitures
Forum. He serves on the Board of Trustees of Goodwill Industries of Houston and
on the Board of Directors of the Houston Center Club, a social and athletic club.
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Presentation:
PASH Education Day
“The Oil & Gas Acquisition Market
& Challenges Confronting Natural Gas”
May 20, 2009
Historical Consolidation Activity (1997-2001)
 Extended low prices in late 1990’s kicked off industry consolidation through
mega-mergers
Historical Consolidation Activity (2002-2009)
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Sustained high commodity prices triggered a second wave of consolidation in
2005-2006
Suncor/PCA all-stock deal announced in severe price down cycle akin to 1998,
who’s next?
A&D Asset Supply by Year (By Seller)
 Dramatic increase in A&D market from 2004-2008
 Privates were big sellers in 2008 due to fear of Obama taxes
Buyer Demand
 XTO drove the buy-side in the first half of ’08
 Majors & Internationals had a strong presence in second half of ’08
 Largely buying non-op positions in shale plays (e.g. Statoil/CHK, BP/CHK)
 Paying premium for non-ops due to lack of people and technological
expertise in shale plays
 Private equity, flush with cash, were active buyers in ’08 and should be
dominate buyers in ’09
 Chesapeake not on top 10 list for first time in recent history
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Deal Activity Plummeted In 2H08 And 2009
(Based on Deal Count)
Estimates of 2009 A&D Transaction Levels
Status of US Marketed Deals Since Financial Crisis
Acquisition Metrics (2006 – 2009)
US Transaction Multiples
Regional Valuations (2004 – 2009)
Acquisition vs. Drilling Capital
Relaxation of Investment Underwriting Guidelines and Escalation of Risk
($ in billions)
Industry Leverage as a % of Capitalization
 Debt Levels are High and will lead to Asset Sales or
Bankruptcies/Reorganizations
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Borrowing Costs are Increasing
Bankruptcy/Reorganization Slide
Natural Gas Challenges
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What does the Natural Gas Industry Need?
Capital, and lots of it
Stable or inclining gas prices
Lower service cost; cost structure
Investor confidence
Talented workforce
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 National Energy Policy & Supportive Legislation
 Growing world economy
Commodity and Financial Crisis Punished Equities
Natural Gas Statistics
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Total US Gas Supply (Bcf/d) – 64
Total US Gas Production (Bcf/d) – 56
% Gas Imported – 13%
% of US Rigs Drilling for Gas – 79%
% of US Oil & Gas Production – 66%
Average Decline Rate for New Wells – 27%
% of Energy Supply Mix – 23%
US Worlwide Gas Ranking
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Production – 2nd
o Reserves – 6th
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US Natural Gas Demand/Supply
Natural Gas Market Summary
2008 US Energy Supply Mix
US Territories & Natural Gas Restricted from Development
Natural Gas Supply Bubble
US Natural Gas Reserves, including Shale Potential
US Natural Gas Demand Mix
(62.7 Bcf/d)
Fundamental Factors – US Real GDP
Change in NG Demand: How Much and For How Long?
 A weakened US and global economy has caused demand to falter for natural
gas domestically.
 Lingering concerns of a slowing economy caused industrial demand in 2008
to fall by 10%
 Unemployment rate is at a current high of 8.1%, up from 4.8% during the
same period last year
 For the fourth consecutive month, ISM manufacturing index remains below
40, currently at 36.3, consistent with declining GDP and industrial
production and jobs
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US Gas Rig Count
US Oil & Gas Rig Count
2009 Capital Expenditure Cuts are Large
Industry Pulls Back on Capex Spending
Gas Production Poised to Fall
Gas Prices Continue to Fall
Gas Basis Differentials
Oil & Gas Asset Impairments
LNG Capacity Growth Continues
Investors are Bearish on Natural Gas
(NYMEX Natural Gas Futures’ Position)
E&P Capital Markets
Capital Markets are Largely Closed
2009 Predictions
 Gas prices will trend lower in Q2 & Q3, bottoming at $2.60/Mmbtu, before
beginning the next up cycle
 US Rig Count will drop to 900 rigs (55% drop from September 2008 high)
before recovering
 US Deal activity will be non-existent in 1st Half, but will be strong in 2nd
Half, totaling $25 billion for entire year (with corporate M&A of ~$10
billion)
 Recession will moderate, but unemployment will worsen (~10%)
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 Banking system will stabilize, liquidity will increase, but equities will
decline
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Value Added Auditing by Steve Goepfert –
Continental Airlines, INC.
BIO:
Steve is the Staff Vice President - Internal Audit (Chief Auditor) for Continental
Airlines in Houston, Texas. He has been the Chief Auditor since June 1989.
He was the 2006-2007 Chairman of the Board for the Institute of Internal Auditors,
Inc. (IIA), the professional association supporting over 162,000 internal auditors
worldwide. He previously served as Senior Vice Chairman and Vice Chairman –
Professional Services and is a past President of the Houston Chapter (1999-2000),
and served on its Board since 1994. Steve has held industry audit posts including
Chairman of the International Association of Airline Internal Auditors (IAAIA) in
1996 and Chairman of the Air Transport Association of America (ATA) Audit
Panel in 2003.
Steve also serves on the Texas A&M and Southern Illinois University at
Carbondale Accounting Advisory Councils, and previously served on a similar
Council at the University of Texas at Austin.
A CIA and CPA, Steve graduated with highest honors from Southern Illinois
University. He started his career with the Big 8 firm of Coopers & Lybrand, where
he worked for over 5 years.
Presentation Info:
Value-Added Auditing:
The challenge for Internal Audit to be “value-added” is integral to the success of
the function in the post Sarbanes-Oxley era. In this session, you will learn some of
the innovative approaches Continental Airlines has implemented to create and add
value to its organization’s bottom-line. Mr. Goepfert will take you on a guided
tour of the best practices used by their IA Department to add value and provide
top-notch assurance services. This address will highlight specific audit tools and
techniques to add value including:
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 Employee benefits exams
 Third-party vendor audits
 Officer compensation and expense reviews
 Recruiting and retaining the best staff
 Using QARs to assess value-added practices
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Modernization of Oil and Gas Reserves
Reporting by Brandon L. Sear – Grant
Thornton LLP:
BIO:
Presentation:
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What’s in a Lease? By Jim Hoffman – PDI
BIO:
For nearly 30 years Jim Hoffman has worked with providers of business software,
consulting and solutions to Upstream Petroleum companies across the United
States. Jim has been Regional Manager, Director and VP of Sales for several
software and consulting organizations, including PricewaterhouseCoopers, Oracle
Energy and Artesia Data Systems, all of whom were recognized leaders in energy
business software.
Jim helped found four startup tech firms, all of whom provided products and
services to Upstream in the areas of Accounting, Land, Production and Purchasing.
In working with top management and particularly CFO’s from Majors,
Independents and Service companies of all sizes, Jim was able to help those
companies not only acquire more effective computer systems, but use those tools
to increase their abilities to gather and analyze information vital to the business.
As Sales and Business Development Director with PDI, a nonprofit corporation
wholly owned by the University of North Texas, Jim provides energy specific
financial and business training programs to firms seeking to improve the way they
do business. His clients include Independents, Majors, Government Agencies,
CPA firms and Banks associated with Oil & Gas. Jim is the author of three
courses which he teaches for PDI, including Introduction to the Upstream Energy
Business, a class he has taught for over 10 years to employees of over 200 energy
related organizations, Production Measurement and Allocation Workshop, for
those who perform or audit Production calculations, Land for Non-Landmen which
provides a framework for Oil & Gas Accountants and other non-Land personnel to
work effectively with their Land departments.
He has had industry and technology articles published in The Oil & Gas Investor
and on Oil & Gas Insight.com and has been a regular columnist for the Petroleum
Accounting and Financial Management Journal, an accounting publication of the
University of North Texas. He has served as VP and Program Director for the
University Venture Forum of the University of Texas at Dallas and is a member of
the Dallas Chapter of Council of Petroleum Accountants Society (COPAS), IEEE,
and a past member of the Society of Petroleum Engineers (SPE). He is a regular
speaker at NAPAC and at various COPAS functions.
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Jim’s holds a Bachelor of Science in Systems Science (Electrical Engineering)
from Michigan State University.
Presentation Info:
What’s in a Lease?
A Program to Help Non-Landmen Understand the Main Clauses of A Lease
This one hour program extracted from “Land for Non-Landmen” is designed to
help accountants understand the main clauses of an oil and gas lease to facilitate
communication with the Land Department. NOTHING IN THIS PROGRAM
SHOULD BE IN ANY WAY INTERPRETED AS LEGAL ADVICE.
Topics to be Covered:
 What is a lease?
 What are the main clauses of a lease?
 What is some of that weird terminology used in a Lease?
 What does the Operator want from a Lease?
 What does the Mineral Owner want from a Lease?
 Why does everything Land does take so long and cost so much?
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Derivatives: A Re-introduction on Basics
Part 1 by Jeff E. Urban – Audit Partner,
& Chris Bednar – KPMG LLC
BIO:
Jeff Urban is an audit partner in the Houston, Texas office. He has more than 16
years of experience performing audits of publicly traded energy and energy service
companies.
Relevant Experience
Jeff has broad experience assisting global energy clients with filings of registration
statements with the SEC. He also has in-depth experience in the upstream sector
and with industry technical accounting and auditing issues. Jeff is experienced
with SEC reporting requirements, U.S. GAAP, and Sarbanes-Oxley Section 404,
and has significant experience dealing with complex accounting issues with senior
management and audit committees.
Jeff worked with KPMG’s national office to develop energy and energy service
industry models and best practices. He is the Houston Business Unit’s Area
Training Methodology Partner and a member of KPMG’s Financial Instruments
and Derivative Resource team, and SOX 404 Resource team.
Background
Jeff earned a BBA from Baylor University. He is a member of the American
Institute of Certified Public Accountants and the Texas Society of Certified Public
Accountants.
Chris Bednar – Audit Senior Manager,
KPMG LLP
BIO:
Chris is an audit senior manager in KPMG’s Energy practice in the Houston office.
Chris has comprehensive energy industry knowledge, with clients involved in
exploration and production, natural gas and crude oil trading, storage, and
transmission.
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Professional Experience
Chris has over 11 years of experience in performing audits of publicly traded
companies. He has a proven track record in resolving complex accounting issues
and experience transitioning and coordinating complex audit engagements.
Chris brings to this engagement industry technical knowledge including
specialization in financial derivatives and risk management activities. In addition,
Chris has significant industry experience in SEC reporting requirements, U.S.
GAAP, and Sarbanes-Oxley 404.
Education and Professional Activities
Chris is a graduate of West Virginia University and is a licensed CPA in the state
of Texas.
Presentation Info:
A
Derivatives – A Re-introduction on Basics, Pt. 1
Re-Introduction
Re-Introduction
 What are derivatives
 Definition / Examples of
underlying
 Definition / Examples of
notional
 Definition / Example of net
settlement
 Why O&G uses derivatives
 Normal Purchase / Normal Sale
Exclusion
 Embedded derivatives overview
 MTM versus hedge accounting
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Internal Controls & Fraud Awareness by
Paula Jourde – Enertia Software
BIO:
Paula Jourde is the Director of Client Relations at Enertia Software, which
provides fully-integrated back office software solutions to upstream oil & gas
companies. She enjoys sharing her knowledge and experience in internal controls
with others, and volunteers to speak on internal controls and fraud awareness at
various conferences and meetings.
Paula most recently led the Internal Audit function at a publicly traded wireless
company for two years and held the Director of Internal Controls position for
Blockbuster prior to that role. While in these roles, she also volunteered as an
instructor for the Institute of Internal Audit and taught classes on internal audit and
internal controls.
Ms. Jourde’s eighteen years of professional experience spans a variety of industries
and functions including accounting, operational management, internal audit,
internal controls, and project management and includes seven years of consulting –
five years with Big 4 firms in revenue assurance, internal controls, systems
integration, and change management consulting and two years with a smaller
national firm in Sarbanes-Oxley consulting. She is a CPA and a CIA and holds a
business administration degree in finance from Texas A&M University, and an
MBA from UT-Dallas.
In her free time, Paula spends time with her family and friends in Dallas and
enjoys traveling, playing golf, and hanging out with her yellow lab, Beau.
Presentation Info:
Internal Controls and Fraud Awareness
Introduction
Definition of Fraud
Fraud Risk – Who is responsible?
Myths about Fraud
Fraud Risk Triangle
Pressure/Need
Perceived Opportunity
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Rationalization
Fraud Perpetrator
Common Forms of Fraud
Examples of Fraud
Impacts to an organization
Financial
Public opinion
Shareholders
Employee morale
Others
Fraud Risk Governance
Regulations
Board of Directors
Senior Management
Internal Audit
Other
Fraud Risk Assessment
Process
Monitoring
Reporting
Internal Controls
Types
Who’s responsible?
Why don’t Internal Controls Always Work
Are You Responsible?
What Can You Do?
Questions?
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Bankruptcies by Omar Alaniz –
Baker Botts LLP
BIO:
Associate, Corporate
Education and Honors
 J.D., The University of Texas School of Law, 2003
 Susman Godfrey Moot Court Champion
 B.A., economics, Austin College, 2000
 John L. King "Rookie of the Year," 2005
 Court Admissions and Affiliations
 State Bar of Texas, Bankruptcy Section, Young Lawyers Committee, Vice
Chair of Professional Education
 United States District Courts for the Northern, Southern, Eastern, and
Western Districts of Texas
 United States Court of Appeals for the Fifth Circuit
 DFW Association of Young Bankruptcy Lawyers, President
 American Bankruptcy Institute
 The Honorable John C. Ford American Inn of Court
 Dallas Bar Association
Summary:
Omar Alaniz represents debtors and creditors in all aspects of
complex chapter 11 reorganizations and liquidations.
Mr. Alaniz served as a law clerk to the Honorable D. Michael
Lynn of the United States Bankruptcy Court for the Northern
District of Texas. He is an adjunct faculty member at Southern
Methodist University Dedman School of Law, where he teaches
advanced bankruptcy law and serves as a coach for the Duberstein
Moot Court Team. He is also a frequent speaker for bankruptcy
continuing legal education programs.
Publications
 Co-author, "Chapter 11: The Practice of Corporate Reorganization Law," The
Honorable John C. Ford American Inn of Court, 2007
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Presentation Info:
 Overview of the Bankruptcy Code
 Understanding the Bankruptcy Process
 Mechanics of the Automatic Stay and Exceptions for Safe Harbors
 The Bankruptcy Code's Treatment of Capital Markets Contracts in
Bankruptcy
 Current Developments in Oil & Gas Bankruptcy
 Tension between federal regulatory powers and the Bankruptcy Code
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Derivatives – Current Industry Issues,
Part 2 by Jeff E. Urban – Audit Partner,
& Chris Bednar, Audit Senior Manager
KPMG LLP
BIO:
Jeff Urban is an audit partner in the Houston, Texas office. He has more than 16
years of experience performing audits of publicly traded energy and energy service
companies.
Relevant Experience
Jeff has broad experience assisting global energy clients with filings of registration
statements with the SEC. He also has in-depth experience in the upstream sector
and with industry technical accounting and auditing issues. Jeff is experienced
with SEC reporting requirements, U.S. GAAP, and Sarbanes-Oxley Section 404,
and has significant experience dealing with complex accounting issues with senior
management and audit committees.
Jeff worked with KPMG’s national office to develop energy and energy service
industry models and best practices. He is the Houston Business Unit’s Area
Training Methodology Partner and a member of KPMG’s Financial Instruments
and Derivative Resource team, and SOX 404 Resource team.
Background
Jeff earned a BBA from Baylor University. He is a member of the American
Institute of Certified Public Accountants and the Texas Society of Certified Public
Chris Bednar – Audit Senior Manager,
KPMG LLP
BIO:
Chris is an audit senior manager in KPMG’s Energy practice in the Houston office.
Chris has comprehensive energy industry knowledge, with clients involved in
exploration and production, natural gas and crude oil trading, storage, and
transmission.
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Professional Experience
Chris has over 11 years of experience in performing audits of publicly traded
companies. He has a proven track record in resolving complex accounting issues
and experience transitioning and coordinating complex audit engagements.
Chris brings to this engagement industry technical knowledge including
specialization in financial derivatives and risk management activities. In addition,
Chris has significant industry experience in SEC reporting requirements, U.S.
GAAP, and Sarbanes-Oxley 404.
Education and Professional Activities
Chris is a graduate of West Virginia University and is a licensed CPA in the state
of Texas.
Presentation Info:
Derivatives – Current Industry Issues, Pt. 2
B
Current Industry Issues
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Impact of credit crisis
o Events of default /
probability
o Contract termination
events
o Cash flow hedging
relationships
o Discontinuing cash flow
hedge accounting
o Normal purchase /
normal sales
SFAS No. 157
o Disclosure hierarchy and
impact of unobservable
inputs
o Consideration of credit
risk (valuation)
o Consideration of credit
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risk (hedging
relationships)
Adoption of FASB Statement No.
161, Disclosures about Derivative
Instruments and Hedging
Activities
FSP FIN 39-1, "Amendment of
FASB Interpretation No. 39"
IFRS considerations
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The Emerging Leader: Eight Lessons for
Life in Leadership by David Lewis –
Author
BIO:
David Lewis is a bestselling author and accomplished leadership and career
development expert. He has served as a consultant to dozens of the Fortune 500
and is a leading media contributor.
Money Magazine called David Lewis a "high achiever" who is "on the fast track".
David has been featured in the Dallas Morning News, Calgary Sun, Hartford
Courant, Modesto Bee, Oklahoman, Monster.com and MarketWatch.com (part of
the Wall Street Journal network) among others. He has appeared on affiliates of
ABC, NBC, CBS, FOX, PBS, numerous radio stations and holds distinction as a
Senior Professional in Human Resources.
His awards include being named "one of Oklahoma's most accomplished business
leaders under forty" by the Journal Record. The editors added that Lewis
"represents our future...and we are in good hands." OKC Business Journal called
him "one of our most admired business leaders under 40".
David leads a major division of Express Employment Professionals, the nation's
largest privately-held staffing and human resource consulting firm with nearly $2
billion in annual sales. Previously, he served in Washington D.C. on the staff of a
ranking U.S. Congressman before garnering nomination to the Oklahoma House of
Representatives. Now he helps put companies and careers on the fast track with his
best selling book, The Emerging Leader: Eight Lessons for Life in Leadership.
An adventure seeker, David has swum with sharks and has several skydiving
jumps to his credit. He lives in Piedmont, Oklahoma, with his wife Jodi. They are
expecting their first child this summer. (Jodi doesn't let David skydive anymore.)
Presentation Info:
The Emerging Leader
This keynote presentation is based on David’s best selling book The Emerging
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Leader: Eight Lessons for Life in Leadership. In life, behavior determines success.
David Lewis’ personal story of overcoming adversity will encourage you. And
through engaging stories, you will learn three critical lessons for personal and
professional success. You will leave inspired for action!
(David will be signing copies of The Emerging Leader after the presentation.)
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Asset Retirement Obligations Calculations
by David Loucks – Opportune LLP
BIO:
Dave Loucks is Director with Opportune. Dave has over 17 years of business
experience in public accounting and private industry. Dave’s public accounting
career was at the Denver offices of KPMG, BDO Seidman, Deloitte, and Hein &
Associates, concentrating on exploration & production companies. From 1998 to
2000, he was the CFO of an INC. 500 international software company. In 2007, he
left to public accounting to develop and market the Assent brand of specialty
accounting solutions for the oil & gas industry, Assent 143 and Assent SMOG.
He was a national trainer at Deloitte and has presented numerous times to the local
Denver COPAS chapter and to PASH on oil & gas reserves, SFAS 143, recent
accounting and SEC matters, and SOX. Dave also teaches a day long class on oil &
gas reserves for PDI.
Dave graduated from the University of Denver earning a BS in Accounting. He is
a CPA in Colorado and a member of the AICPA and CSCPA.
Presentation Info:
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Production Handling Agreements for
Deepwater Platforms by Jorge A. Tabares
– BP America INC.
BIO:
Jorge A. Tabares is BP'S Project Manager in charge of production handling
agreement negotiations for deepwater platforms. Jorge previously worked as global
drilling and completions planning and performance manager and before as finance
delivery manager in BP.
Education: MS in Management, Stanford University Graduate School of Business
Civil Engineer, Escuela De Ingenieria De Antioquia.
Presentation Info:
This presentation will explain the process required to develop and produce a
deepwater field via an existing platform. It will include a high level description of
the technical aspects of the tiebacks projects. It will include a detailed explanation
of the key issues that need to be negotiated between the platform owners and the
field owners. Production Handling Agreements (PHA’s) are a very useful tool to
develop fields without having to invest hundreds of millions of dollars in
deepwater platforms. The industry is quickly moving to adopt PHA’s to support
tieback developments.
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Unclaimed Property by Trisha Doucet –
UHY Advisors SALT, LLC
BIO:
Trisha is a Senior Manager and Leader of the Unclaimed Property Practice with
UHY Advisors SALT, LLC, and a licensed CPA in the states of Texas and
Louisiana.
Professional Experience:
.
 Multi-state consulting in State and Local Tax (SALT) services
 Extensive multi-state experience with unclaimed property consulting and
compliance services including voluntary disclosure negotiations, audit
defense services, policy and procedure development
 Multi-state property tax services including compliance, negotiations and
appeals, and advisory services
 Experience with Sarbanes-Oxley Act of 2002 compliance in documenting
internal controls pursuant to Section 404
 Unclaimed Property Seminar presenter for Lorman and Tax Executives
Institute
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


Background:
B.S. in Accounting, Louisiana State University, Baton Rouge, LA, 1997.
Prior to joining the firm in March 2006, Trisha was with Ernst & Young
LLP Gulf Coast State and
Local Tax Department. Trisha provided various SALT services including
unclaimed property services to publicly-traded companies in the healthcare,
retailing, manufacturing, and communications industries. Trisha also
provided property tax services, including negotiations and compliance, with
significant experience with telecommunication industry clients.
Prior to joining Ernst & Young LLP, Trisha was with Dunn, Roberts, and
Company, LLC, a local Louisiana firm. Trisha was responsible for managing
the completion of various federal, state, and local tax returns. In addition,
Trisha was also involved with consulting services related to small
business start-ups, including forecasted financial statements and compliance
with the Small Business Association and the Louisiana Economic
Development Council guidelines.
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Professional Memberships Include:
American Institute of Certified Public Accountants
Louisiana & Texas Societies of Certified Public Accountants
Unclaimed Property Professionals Organization
Institute for Professionals in Taxation
Active and Prior Civic Memberships Include:
 United Service Organizations Volunteer
 American Cancer Society Starlight Gala Committee
 Ducks Unlimited – member, former treasurer for local Louisiana committees
Presentation Info:
Unclaimed Property Presentation
Learn the unclaimed property basics, including: basic terms, types of unclaimed
property, state unclaimed property policies, Texas v. New Jersey, reporting, basic
auditing information, voluntary disclosure agreements, and new developments.
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SEC Regulatory Update and Recent
Comment Letter Trends by Paul Kerr –
PricewaterhouseCoopers LLP
BIO:
Paul Kerr

Senior Manager - PricewaterhouseCoopers
Education




BSc (Hons), First Class, Strathclyde University, UK
Licensed Certified Public Accountant
Member of AIPCA
Chartered Accountant - member of Institute of Chartered Accountants of
Scotland
Background



Joined PwC Glasgow, UK in August 1995
Transferred to PwC in the US in July 2000, working on a variety of clients,
primarily as senior manager on Chevron account
Currently on tour in PwC's SEC Services group in our National Office, with
a review portfolio that includes over 25 clients in oil and gas industry
located in Houston, Tulsa and Dallas
Presentation:
SEC Regulatory Update



Perspectives on SEC Leadership
Recent SEC areas of focus and key initiatives
Other SEC developments
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Recent Comment Letter Trends

Oil and Gas comments
Generic Comments
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Carbon Trading and Other Issues by
Randall N. Lack – Element Markets, LLC
BIO:
Mr. Lack has been a successful entrepreneur within the emissions and alternative
energy industry for a decade. In 2005, he co-founded Element Markets LLC, a
leading carbon management and alternative energy company, and currently serves
as a Managing Director. Since founding Element Markets, Mr. Lack has assisted in
the development of several alternative energy projects including wind, solar, and
biomass energy. Mr. Lack has extensive knowledge of structuring transactions
spanning seventeen emissions trading regions and covering seven emissions. In
addition, Randall has extensive experience in transacting for Renewable Energy
Credits and Carbon Allowances in North America.
Mr. Lack is an acclaimed speaker and media resource for Renewable Energy
Credits, Greenhouse Gas Trading, pending emissions legislation, and Regional
Emission Markets. He has developed regional Emissions, Renewable Energy, and
Greenhouse Gas portfolios for a wide-range of clients, from municipalities to
Fortune 500 Corporations. Mr. Lack received his B.S., magna cum laude, from the
University of Houston.
Presentation Info:
This discussion will cover all aspects relating to the current North American
Carbon Markets. The Regional Greenhouse Gas Initiative (RGGI) began its
compliance period this year and we will provide an update on the program, market
activity, and how compliance entities are reacting. In addition, there are a variety
of Voluntary carbon standards in North America and we will provide an update on
these standards, prices they demand in the market, and an outlook on future trends
in the voluntary space. An update on GHG measures in Canada will be discussed,
as well as providing an update on the prospects for federal GHG legislation in the
U.S. Finally, the potential impacts and opportunities for the petroleum sector will
be discussed with a focus on potential accounting issues.
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Expandable Liner Hanger Systems by
Ron Nida – Halliburton Company
BIO:
Ron Nida has been with Halliburton for nearly thirty years and is currently
responsible for the design, manufacturing, and global deployment of the industryunique VersaFlex Expandable Liner Hanger system. Starting as a summer intern
for Halliburton in 1979, Nida’s tenure has spanned a variety of disciplines
including Engineering, Services Management, District Management, Area
Operations Management, Global Technical Support, and Global Product
Management. Additionally, Nida has carried out geographic responsibilities while
residing in South Louisiana, the Rocky Mountains, and Texas, Singapore, and
Indonesia, holding Houston based global roles since 2000. Nida has authored 8
industry technical papers and journal articles, been awarded 4 patents for well
construction processes and devices, and served on multiple industry technical
panels and committees. Nida graduated from Louisiana Tech University with a
Bachelor of Science degree in Petroleum Engineering.
Presentation:
I.
II.
III.
IV.
V.
Basic well construction and completion
New technology development
a.
New technology project - evaluation of business cases
b.
Qualification and field trials
c.
Global deployment and commercialization
Accounting issues related to proprietary technology
d.
Managing license agreements
e.
Managing joint development agreements
f.
Revenue recognition (post SOX)
Geographical diversity and challenges
g.
Cost impacts
h.
Potential liabilities
i.
Managing risk
Cultural diversity
j.
IOC’s, Independents, and NOC’s
k.
Culture affects on project work contracts
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Social Security & You by Elaine O.
Hermsen – Social Security Administration
BIO:
Elaine O. Hermsen is a Public Affairs Specialist with the Social Security
Administration. She has been employed with the agency for over 34 years. During
this time, she has worked in all technical areas through Operations Supervisor. She
has worked in 11 different Social Security offices throughout the Southeastern US.
Presentation Info:
Retirement Benefits: Important myths to dispel and how to maximize your
benefits.
Disability Benefits: Understanding the requirements to be insured for Social
Security disability benefits. Three out of 10 people today have a good chance of
becoming disabled before age 62.
Survivor Benefits: Benefits are payable to young families as well as widows and
widowers.
Medicare: When will Medicare be the primary payer for health insurance
coverage?
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