The following reserve table appeared in the financial statements of Brown Company. (in thousands of barrels)...
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The following reserve table appeared in the financial statements of Brown Company. (in thousands of barrels) Year ended Dec. 31 Beginning of year Revisions of previous estimates Improved Recovery Purchases of Reserves in-place Sales of reserves in-place 2015 2016 2017 170 240 10 12 (10) 25 20 325 (10) (25) 12 0 10 0 (60) Extensions and Discoveries Production End of Year Year 2015 2016 2017 Net Wells. 700 850 900 2000 1900 70 Gross Wells 2100 (25) 240 90 15 (22) (25) 325 257 Required: Calculate the average daily production per well ratio for 2015. (Note that reserve numbers represent thousands of barrels.) The following reserve table appeared in the financial statements of Brown Company. (in thousands of barrels) Year ended Dec. 31 Beginning of year Revisions of previous estimates Improved Recovery Purchases of Reserves in-place Sales of reserves in-place 2015 2016 2017 170 240 10 12 (10) 25 20 325 (10) (25) 12 0 10 0 (60) Extensions and Discoveries Production End of Year Year 2015 2016 2017 Net Wells. 700 850 900 2000 1900 70 Gross Wells 2100 (25) 240 90 15 (22) (25) 325 257 Required: Calculate the average daily production per well ratio for 2015. (Note that reserve numbers represent thousands of barrels.)
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Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
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