Prior period adjustments are a relatively common occurrence in the oil and gas industry and typically result from changes in volumes of oil, natural gas, or NGL’s that were actually sold vs. what you were paid for, or adjustments in the prices paid for these products, or in some cases changes to the division of interest in your wells.  The first two are more common and the frequency of PPA’s may vary greatly by operator, state, and basin or play. 

More information including resources mentioned in this episode can be found in the show notes at mineralrightspodcast.com.