Hays Oil Company is a new successful efforts company located in New Mexico. During September 2020, Hays

Question:

Hays Oil Company is a new successful efforts company located in New Mexico.

During September 2020, Hays Oil Company sold 2,000 Mcf of gas at 14.65 psia with a heat content of 1.030 MMBtu/Mcf at 14.73 psia. The selling price of the gas was $8.80/MMBtu.

REQUIRED:

a. Convert Mcf to a standard pressure of 14.73 psia and determine the MMBtus for the gas sold.

b. Convert MMBtu/Mcf to a standard pressure of 14.65 psia and determine the MMBtus for the gas sold.

c. Determine the sales price of the gas sold.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

See More Books

Question Posted: Mar 08, 2024 10:01 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
a. The management has taken certain decisions in the given scenario. You are required to list them out and briefly state the impact of such decisions on the company? b. Pass necessary journal entries...
Suppose the total cost in dollars of manufacturing q units is C(q) = 3q 2 + q + 500. a. Use marginal analysis to estimate the cost of manufacturing the 41st unit. b. Compute the actual cost of...
Canyon Canoe Company is a service-based company that rents canoes for use on local lakes and rivers. Amber and Zack Wilson graduated from college about 10 years ago. They both worked for one of the...
A company purchased $30,000 of 5% bonds for investment purposes on May 1. The bonds pay interest on February 1 and August 1. The amount of interest revenue accrued at December 31 (the companys...
The payroll disbursements were for two persons named Ciotty and Ciotti with the same first name and address. The interesting observation is that Ciotty is dated February 28, 2019, or after while...
Milner Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430...
6. For the following code fragment, what are the values of the array elements after the statements are executed? int[] T = {2, 2, 2, 3, 3, 3}; for (int i = 1; i < T.length; i++) { T[i] = (T[i-1] +...
Sam Field, located in northern Alaska, is jointly owned by Smith Company (60% WI) and Joyner Company (40% WI). Smith, which is the operator, estimates that gross gas production during July will be...
Tharp Field is jointly owned by Gavin Company (70% WI), which acts as field operator, and Garza Company (30% WI). There is a 1/6 royalty. The 1/6 royalty is shared proportionally by Gavin and Garza....
Vigorous swimming results in the burning of 11 food calories per minute. What is amount of energy associated with 30 minutes swimming expressed in Btu? How many equivalent ounces (mass of gasoline...
Define infection control risk management . Describe three procedures that should be enforced in an infection control risk management program. Answer the following question: How has COVID19 impacted...
A photographer is organizing a photo collection about the national parks in the US and would like to annotate the information about each of the photos into a separate set of files. Write a program...
An investor gives you $ 1,000,000 to open a restaurant in Williamsburg neiboorhood. How would you invest this amount to purchase bar equipment , doing decoration include light , fixing table , sound...
The company has the specification for the output voltage on a dry cell after manufacture as 15.000.4V. Thirty consecutively manufactured units were tested prior to carrying out a production run. The...
Finding the intrinsic value of GEICO' stock $718million = 34.25 million x ($70-55.75) + 67.9 million x (P-$70) =488.1 million +67.9P million - 4753million 67.9P million =718 million - 488.1 million +...
Equation 37.23 gives the transformation for only the x-component of an object's velocity. Suppose the object considered in the derivation also moved in the y/y'-direction. Find an expression for u,...
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?
What are the effective annual interest rates for the following cash discount terms: ( a ) 1/10, net 20; ( b ) 1/5, net 10; and ( c ) net 25?
Why would a manufacturer offer a rebate instead of lowering the suggested list price?
How can a marketing manager change a firms F.O.B. terms to make an otherwise competitive marketing mix more attractive?
We can perform logical operations on strings of bits by considering each pair of bits separately (called bitwise operation). (10 points) Given two strings A and B A=10111001 B = 10100101 Perform the...
For this question, let the packet size L = 1000 bytes, the propagation speed s = 2.5 x 108 m/s, the link distance d = 2000 km, and the transmission rate R = 10 Mbps. For circuit switching, the setup...
(a) A decimal integer is in the range of 102 to -102. How Many bits are required to represent any value in this range in 2's complement representation? (5 points) (b) Assume the same number of bits...

Hays Oil Company is a new successful efforts company located in New Mexico. During September 2020, Hays

Question:

Step by Step Answer:

Fundamentals Of Oil And Gas Accounting

Students also viewed these Business questions