As a result of the G&G, three areas of interest were identified. Detailed G&G was conducted on

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As a result of the G&G, three areas of interest were identified. Detailed G&G was conducted on the areas of interest at the following costs:

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As a result of the detailed G&G studies, the following leases were acquired:

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REQUIRED: Determine the tax basis of any assets and the amount of any tax deductions.

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