Jackson Oil Companys production for Lease A and Lease B is gathered into a common system and

Question:

Jackson Oil Company’s production for Lease A and Lease B is gathered into a common system and sold. Total sales for the month of July are 6,562 barrels.

Assume the following data for Lease A and Lease B:

image text in transcribed

Measured production is 3,300 barrels from Lease A and 3,500 barrels from Lease B.

REQUIRED:

a. Allocate production to each lease.

b. Allocate the amounts per lease determined in part a to the wells. Round the ratios to four decimal places.

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Related Book For answer-question

Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

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Question Posted: Mar 08, 2024 10:01 AM

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Jackson Oil Companys production for Lease A and Lease B is gathered into a common system and

Question:

Well 24-hour Test, bbl Days Produced Lease A: 123 40 30 3 50 Lease B: 12 50 80 30 24 2222 24 30 28

Step by Step Answer:

Fundamentals Of Oil And Gas Accounting

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