During 2019, ONeal Oil Corporation constructed an offshore production platform at a cost of $25,000,000. In total,
Question:
During 2019, O’Neal Oil Corporation constructed an offshore production platform at a cost of $25,000,000. In total, 16 wells are planned. As of 12/31/19, only 2 out of the 16 wells had been drilled.
REQUIRED: Calculate DD&A given the following information:
Transcribed Image Text:
Leasehold costs Drilling costs Platform costs... Proved reserves, 12/31/19 Proved developed reserves, 12/31/19 Production .... $ 300,000 2,200,000 25,000,000 1,800,000 bbl 900,000 bbl 100,000 bbl
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