http://www.iasplus.com/en/publications/us/industry-spotlight/og/oil-gas-issue-2
Its possible from an accounting perspective that side deals regarding lease contracts could be done ATM without having to record/report them in the financial statements. Currently it appears rig lease contracts are "off balance sheet" items. Therefore the consideration for a deal could include taking over a lease contract but only having to record/report the cash and/or other considerations. The lease contract from the sellers point of view is simply terminated with no accounting entries.
Forgotten the poster but good pick-up.
IMO DYOR Etc
http://www.iasplus.com/en/publications/us/industry-spotlight/og/o...
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