Westfield Oil and Gas Company owns a 75% working interest in the Beckman lease that has a
Question:
Westfield Oil and Gas Company owns a 75% working interest in the Beckman lease that has a 1/5 royalty. The estimated proved oil and gas reserves expected to be recoverable from the Beckman lease total 100,000 bbl of oil. What quantity should be included in the disclosure of proved oil and gas reserves?
a. 100,000 bbl
b. 80,000 bbl
c. 75,000 bbl
d. 60,000 bbl
e. None of these
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Somshukla Chakraborty
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