Description:

The 2020 Unit Accounting Procedure is now available in the 2020 Unitization and Unit Operating Agreement set.

The 2013 Unit Accounting Procedure creates an accounting procedure for the 2006 Unitization and Unit Operating Agreement. There was no previous accounting procedure version. The new form follows very closely the 2012 AIPN Model Form International Accounting Procedure ("2012 Accounting Procedure") prepared by the same committee and recently approved by the AIPN Board in January of 2013. Similar to the AIPN Accounting Procedure the Unit Accounting Procedure covers the rights of a Non-Operator to obtain Unit Account information from the Unit Operator; Cash Call procedure; the fact that the monthly statement from the Unit Operator may also serve as an invoice for costs not covered by Cash Calls; collection of interest by Unit Operator for late payment of a Cash Call or billing in coordination with the default provisions of the 2006 Unitization and Unit Operating Agreement; audit procedure applicable to Unit Operator affiliates; an optional audit procedure for Designated Affiliate Charges of the Unit Operator; audit rights as to certain unscheduled charges to the Unit Account; direct charges the Unit Operator may make to the Unit Account ; Unit Operator charges for Unit Operator owned and Affiliate owned equipment, facilities and utilities and services of Unit Operator Affiliates.