Chavez Petroleums lease in Wyoming produces both oil and gas. Additional information as of 1/1/19 follows: REQUIRED:

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Chavez Petroleum’s lease in Wyoming produces both oil and gas. Additional information as of 1/1/19 follows:

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REQUIRED: Compute amortization assuming the lease is fully developed:

a. Assuming oil is the dominant mineral

b. Using a common unit of measure based on BOE

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Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

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Question Posted: Mar 08, 2024 10:02 AM

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Chavez Petroleums lease in Wyoming produces both oil and gas. Additional information as of 1/1/19 follows: REQUIRED:

Question:

IDC... $900,000 Proved property costs, net. 100,000 L&WE..... 300,000 Beginning of year accumulated DD&A 50,000 Estimated proved reserves, 12/31/19 Oil...... Gas Production during 2019 Oil.... Gas... 200,000 bbl 1,000,000 Mcf 10,000 bbl 300,000 Mcf

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Fundamentals Of Oil And Gas Accounting

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