Tyler Energy owns a 100% working interest in a tract of land in Texas. Lacking the funds
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Tyler Energy owns a 100% working interest in a tract of land in Texas. Lacking the funds to develop the property, Tyler Energy assigns Gravity Oil 30,000 barrels of oil to be paid out of 1/7 of its share of production in exchange for $600,000 in cash.
REQUIRED: What type of interest has Gravity Oil acquired?
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Jehal Shah
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