The Colorado Board of Land Commissioners, or State Land Board, has changed its accounting system and methodology for reporting oil and gas royalties. The new royalty reporting guidelines went into effect on July 1, and all payers are expected to use the new system by September 30, 2014, according to an update from CPA firm Hein & Associates.

Changes to the oil and gas royalty spreadsheet include identifying wells by API number, use of Natural Gas Liquids (NGL) and Residue Gas (RSG) breakouts for reporting Plant Products, and communitized w...


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