Mr. Zeman owns the mineral rights in a property in Yale County, Oklahoma. He leases the property
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Mr. Zeman owns the mineral rights in a property in Yale County, Oklahoma. He leases the property to Force Petroleum, reserving a 1/5 royalty. Force drills a successful well and begins producing oil. Revenue from the first year of operations totaled $20,000 and costs of development and operation totaled $150,000. How much revenue will each party receive? How much of the costs will each party pay?
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