Discuss the ratios computed for Lomax Company in problems 13, 14, 15, and 16.

What is your assessment of the performance and future potential of Lomax Company?

Problems 13

The following reserve table appeared in the financial statements of Lomax Company:

REQUIRED: Compute the following ratios for all three years:

Problems 14

Lomax Company reported the following costs on its financial statements

(in thousands):

REQUIRED: Using the reserve disclosure for Lomax Company in problem 13 and the data presented in this problem, compute finding costs per BOE using the various formulae.

Problems 15

Lomax Company reported the following expenses in its financial statements

(in thousands):

REQUIRED: Using the reserve disclosure for Lomax Company given in problem 13 and the data presented in this problem:

Estimated Quantities of Net Proved Crude Oil and Natural Gas (Worldwide Totals only) in Thousands of Barrels and Millions of Cubic Feet Year ended Dec. 31 2015 2016 2017 Oil Gas Oil Gas Oil Gas Beginning of year 171 779 234 783 335 724 Revisions of previous estimates 10 12 15 31 (11) 22 Improved recovery 21 30 25 23 15 50 Purchases of reserves in place 0 0 12 12 0 24 Sales of reserves in place (12) (12) (20) (99) (70) (24) Extensions & discoveries 69 78 90 42 6 150 Production End of year totals (25) (104) (21) (68) (24) (76) 234 783 335 724 251 870