August 16, 2006
INTERNATIONAL LEGAL EXPERT DEAN PEROFF FEATURED
AT GLO CPAS KEYNOTE SPEAKER SERIES LUNCHEON
Houston , TX . . . International human rights lawyer Dean Peroff recently spoke at the GLO CPAs Keynote Speaker Luncheon. Proceeds from the luncheon will benefit the GLO CPAs Scholarship Fund.
Peroff, co-founder of the Toronto-based law firm Amsterdam & Peroff, delivered a candid report on the trial of imprisoned Russian oil czar Mikhail Khodorkovsky and the state of the international oil industry. More than 100 local business leaders attended the event.
Khodorkovsky was the owner of Yukos, one of the largest private oil companies in the world. He was tried and convicted of tax evasion and fraud. His attorneys believe he was wrongly accused.
Peroff, began by posing and answering three questions; one, is this a ?one-off' case? two, can the case against Khodorkovsky be true?; and three, what is the connection between the case and Houston?
To answer the questions, Peroff said the following:
He believes that this case sets precedence for other types of cases. He believes that it sets a new standard for corporate corruption, and creates the environment for the Russian government to gain control of other privately-held Russian companies.
Peroff went on to say that authoritarianism has taken hold of Russia , and the Kremlin is now exerting control over all industries. He strongly believes that the Russian government controls eighty percent of the media and that there is no longer any balanced reporting.
One example he gave was that Rosneft, the state-controlled oil company, recently purchased the main production facility of Yukos at a considerable loss for Yukos. With this purchase, which also supplies many European countries with oil, the Russian government now has control over European energy markets. He says that the Kremlin is now using these assets as bargaining tools with European leaders. ?Sort of like a rewards program. If you comply with us we will send oil, if not, we will cut you off.' This, he considers, greatly affects the Houston markets.
"This is an historic event," Peroff said. "It matters for Americans and Houstonians, and the events are still unfolding. This may create the opportunity for countries to change events. It may also mean that Russia will control the oil industry. "
He added that this case will have an enormous impact on global energy including:
The availability of oil and gas supply
The security of oil and gas supply
Global competitiveness
National security for European countries
Political security for European countries
Peroff ended by commending the U.S. judicial system, as compared to the Russian judicial system, and encouraged the audience to become more educated on the international case. Dr. Michael Economides , noted energy authority and adjunct professor of chemical engineering at the University of Houston , moderated the question and answer portion of the luncheon.
About Dean Peroff
Dean Peroff co-founded the Toronto-based law firm Amsterdam & Perloff, with Robert Amsterdam in 1980. The firm has been involved in numerous constitutional and human rights cases in Canada as well as in the United States , Central America , Venezuela , Nigeria , Eastern
Europe and the former CIS. The firm has developed a niche in addressing state crime committed against individuals or corporations. This work has involved the extensive use of international legal conventions including NAFTA, the European Convention of Human Rights and the Intra
American Convention on Human Rights. For the last two years the firm has been retained by certain shareholders in respect to the ongoing destruction of Yukos and illegal imprisonment of Mikhail Khodorkovsky.
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August 16, 2006
GLO CPAs, LLP BRINGS COMPREHENSIVE FINANCIAL SERVICES TO HOUSTON 'S KOREAN MARKET
Houston , TX ... GLO CPAs, LLP, a Houston-based accounting and financial services firm, has opened its second location serving Houston 's growing Korean market. The new branch is located at 10190 Old Katy Road .
With a bi-lingual staff, the new GLO CPAs office will bring more than accounting services to their clients.
"We found that there are currently fewer than fifteen accounting firms in Houston 's Korean community," said L. Dexter Price, Controller and Accounting Manager, GLO CPAs. "Most of the firms catering to this market are small and can only provide bookkeeping and tax return services. Our firm can provide comprehensive tax services, financial planning, as well as audit and review engagements.
Eunice Kwon will run the day-to-day operations of the office, which will be overseen by L. Dexter Price, CPA.
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April 28, 2006
HOW MANY MORE BARRELS ARE OUT THERE?
NANSEN G. SALERI, PHD ANSWERS THIS QUESTION AT THE RECENT KEYNOTE SPEAKER SERIES LUNCHEON BENEFITING THE UNIVERSITY OF HOUSTON PETROLEUM ADVISORY BOARD
Houston , TX . . . Dr. Nansen G. Saleri, PhD, was the guest speaker at the recent Keynote Speaker Series Luncheon, benefiting the University of Houston Petroleum Advisory Board and sponsored by GLO CPAs, LLP. Because of his years of experience, Saleri, Manager of Reservoir Management with Saudi Aramco, lectures often on this subject and is able to convey the information in a way that it easy for the general public to understand.
Saleri explained that the world has already produced more than one trillion barrels of oil and that we are not running out of oil. The question becomes, when will we run out of oil and what drivers will help us understand how to forecast for the future. The top six factors that will help predict when this will happen, he says, are the following:
Size of known resources
New discoveries
Disruptive technologies
Rate of consumption
Competition from alternative energies
Unforecasted events
Saleri is dubious of other industry leaders who don't use these factors when making their predictions. He went on to say that he believes, in his estimate, that there are seven trillion barrels available from conventional sources and another seven trillion from unconventional sources, which includes extra heavy oil and shale oil.
The crowd of over 150 included many oil and gas industry professionals. Many were well aware of the fact that the recovery of the oil is the biggest issue for oil companies. Saleri stated that many industry leaders estimate that recovery levels are around 35 percent. He believes this number is actually around 75 percent. Saleri added that the industry can make ?game-changing' recoveries with ?smarter wells, faster drilling, designer chemicals, and exploring porespace.' He added, ?the use of MRC Wells, Smart Completions and I-Fields (real time data).'
In conclusion, Saleri believes that there are abundant global hydrocarbon resources, peak oil onset (although unpredictable) depends on many factors, industry leaders should look at recoveries at the 70-75 percent level and research and development can yield significant, game-changing results.
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March 22, 2006
JOHN LIENHARD, THE CREATOR AND VOICE OF THE ENGINES OF OUR INGENUITY DELIVERS TALK
AT RECENT GLO CPAS, LLP KEYNOTE SPEAKER LUNCHEON
Houston , TX . . . John H. Lienhard, the M.D. Anderson Professor Emeritus of Mechanical Engineering and of History, at the University of Houston spoke at a recent GLO CPAs, LLP Keynote Speaker Luncheon at the Houston Club. The luncheon, attended by more than 60 local small to mid-size business owners is part of a year-long series of networking luncheons hosted by the CPA firm, Memorial Hermann Network Healthcare Providers and the University of Houston Center for Entrepreneurship and Innovation.
John Proffitt, station manager of KUHF-FM radio, introduced Lienhard and explained how the idea for The Engines of Our Ingenuity was born while they sang together in their church choir. Today, more than 2000 episodes of the program have aired locally and on National Public Radio Stations.
Lienhard's lively talk was about cooperation, the meaning of the word and its kindred word, generosity. He also spoke at length about the word anarchy and how there have been times in society when anarchy led to cooperation. Two examples he used were the writing of the Declaration of Independence in which he showed how a group of people led a revolt against the current system and cooperatively, by committee, created the document. He also used the King James Bible as another example of ?cooperative enterprise'. Today, he said, we live in a world that exists based on cooperation, especially in the workplace.
Lienhard holds a Ph.D. in Mechanical Engineering from the University of California at Berkeley . He earned his M.S. and B.S. degrees in Mechanical Engineering from the University of Washington and Oregon State College, respectively. He is known for his research in the thermal sciences as well as in cultural history; he is the author or co-author of six books and more than 300 articles. He is an Honorary Member of the American Society of Mechanical Engineers (ASME) and a member of the National Academy of Engineering. His latest book is How Invention Begins: Echoes of Old Voiced in the Rise of New Machines (Oxford University Press, 2006).
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February 6, 2006
GLO CPAs, LLP Announces New Controller and Accounting Department Manager
L. Dexter Price Joins Twenty-Five Year-Old Firm
Houston, TX . . . L. Dexter Price has joined GLO CPAs, LLP as the firm's Controller and Manager of the Accounting Department, which oversees the preparation of clients' financial statements. As Controller, he is responsible for the daily accounting, tax and financial operations of the firm. In addition, he also provides accounting management and outsourced controller/CFO services for business clients of the firm. He offers hands-on support in the firm's management and marketing activities as needed.
Prior to joining the firm, Price served as Vice President and Chief Financial Officer for a Houston-based promotional products firm. He was also a partner in the accounting firm of Hering, Ellis & Price, P.C. Earlier in his career, he held financial positions in the home building, manufacturing and food industries. Price received his BBA in Accounting from the University of Houston. He is a member of the American Institute of CPAs, the Texas Society of CPAs and the Houston Chapter of the Texas Society of CPAs.
"We are thrilled that Dexter has joined GLO," said Carl Glaw, managing partner, GLO CPAs, LLP. "I have known Dexter for many years and he is a true professional who understands our industry and the needs of our clients. He will be an asset to our firm as it continues to grow."
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October 10, 2005
Dr. Nansen Saleri of Saudi Aramco Addresses the
State of the Global Oil Reserves
Keynote Speaker Luncheon Series Hosts Capacity Crowd
Houston, TX . . . Dr. Nansen Saleri, Manager, Reservoir Management for Saudi Aramco, addressed a capacity crowd at the recent Keynote Speaker Luncheon Series held at The Houston Club. The event, hosted by GLO CPAs, LLP and the University of Houston Petroleum Engineering Advisory Board, was an opportunity to learn about the state of global oil reserves, as well as provide a forum for input from leaders in the industry.
Supported with detailed information provided by Saudi Aramco, Saleri explained that much of Saudi Arabia's oil reserves have not been explored and the potential reserves will far exceed the needs of the world over the next five to ten years. He went on to say that global supply will match the demand based on existing capacity, enhanced recovery and development of new discoveries.
One of the key areas Saleri spoke about was the use of new technologies in order find the reserves as well as to more efficiently extract the oil from the field. Through real time diagnostics, on-the-spot navigation, smart controls and permanent down hole monitoring systems, companies are spending less time and fewer dollars to produce results.
Saleri's presentation was followed by a lively panel discussion led by Ali Daneshy, Director of Petroleum Engineering at the University of Houston. The panel included Ron Harrell, Chairman of Ryder Scott Company, who spoke about the importance of transparency and disclosure in the industry; Professor Michael Economides, professor at the Cullen College of Engineering at the University of Houston, as well as Managing Partner of a petroleum strategy consulting firm; and Kregg Olson, Vice President, Corporate Reservoir Engineering for Apache Corporation, who spoke about the state of upstream independents.
In addition to the presentation, Ali Denashy introduced the creation of a Master's Internship Program at the University of Houston's Cullen College of Petroleum Engineering. The program is designed to specifically address the shortages that exist within the current petroleum engineering profession. Students will be matched with a participating company and will complete an internship during their three-year program. The company in turn will provide a working environment for the student, full-time summer work, as well as a $12,000 stipend. It is the hope of the University that more students will chose to select this rewarding program and help to attract more interest in the field.
Each month, the accounting firm of GLO invites current clients, as well as business leaders, to network and learn from noted authorities on a range of topics from estate planning to the economy. More than 100 professionals typically attend each monthly Keynote Speaker Luncheon.
The luncheon series was originally designed to introduce current GLO clients to industry leaders. The firm works with many small and middle market businesses from a variety of industries and has hosted forums covering a range of topics including: the 2005 economic outlook, employment issues, the energy market, estate planning and purchasing a business. Over the past few years, the series has grown to attract more than 100 people monthly and its focus has shifted to include individuals from all industries. Luncheon underwriters include Memorial Hermann Healthcare System and affiliate Memorial Hermann Health Network Providers and the University of Houston's Center for Entrepreneurship and Innovation.
Recently, the Keynote Speaker Luncheon expanded its program to include a Scholarship Fund to benefit students at the University of Houston, as well as an annual award program to honor leaders from the medical, business and academic communities. These awards will be given out each December. The luncheons are open to the public but registration and a nominal fee are required.
Located in Houston, Texas, GLO CPAs, LLP (GLO) is an innovative certified public accounting firm providing comprehensive accounting and financial solutions which include tax planning, pension plan design, audit services, business consulting, risk management and retirement planning. GLO provides these services to individuals and small to mid-size companies in the areas of healthcare, energy, construction and technology. For more information on GLO, call 713-621-4700.
About GLO CPAs, LLLP
GLO CPAs, LLLP has been serving the Greater Houston area for 25 years. The firm offers comprehensive accounting, tax, public and private audit, financial planning and business consulting services to individuals as well as closely-held and public companies. GLO CPAs specializes in serving companies in the energy, healthcare, construction and technology industries and is registered with the Public Company Accounting Oversight Board and the Canadian Public Accountability Board. GLO CPAs are also members of the American Institute of Certified Public Accountants and Integra International®, an interactive global network of local independent accounting and consulting firms dedicated to exchanging information and advising growing businesses and professionals.
For more information on GLO CPAs, call 713.621.4700 or email GLO CPAs at info@glocpa.com. |
