COPAS Economic Factors That Affect Everything You Calculate with Mike Cougevan
Play • 26 min

On the first episode of Season Two of the podcast, Tom and Phil are joined by Mike Cougevan, Vice President of Martindale Consultants. In part one of this two part episode, they’re talking about overhead adjustments and audit per diem rates. They discuss the purpose of these two factors, when they should be used, and the changes that have occurred with both factors over the years.


1:41 Approaching 40 years in the industry

3:32 The various COPAS economic factors and why they exist

5:00 What is overhead adjustment?

9:35 What happens if operators don’t adjust their overhead? 

12:58 Accounting Guideline 23

17:12 Audit per diem rate and what it’s used for

19:26 Why overhead adjustments and audit per diem rates are no longer adjusted using the same percentage rate

About Mike Cougevan :

Mike began his Martindale career in 1994 and is a Vice President of the firm. He provides senior leadership, expertly manages clients’ joint venture audit and other projects, and shares his extensive industry experience and knowledge to train Martindale employees. Mike also provides expert witness and litigation support and been accepted and designated as an expert in numerous State courts and in Federal court. Mike previously worked for Conoco (now ConocoPhillips) for 13 years in various positions, including financial analysis, joint interest accounting, internal reviews, managing non-operated properties, negotiation of agreements, and settlements of joint interest and revenue audits and disputes.

Connect with Mike:

Website | LinkedIn

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform -- and we’re the only software on the market that can integrate with your QuickBooks company.

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About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

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