# Lomax Companys Statement No. 69 disclosures included the following information: REQUIRED: Using the information for Lomax Company

## Question:

Lomax Company’s Statement No. 69 disclosures included the following information:

REQUIRED: Using the information for Lomax Company in problems 13, 14, and 15 and in this problem:

**a.** Compute the value of proved reserve additions per BOE using the various formulae.

**b.** Compute the value added ratio for each year, utilizing formula 3 for finding costs per BOE, and formula 2 with revisions for value of reserves added per BOE.

**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:

## Step by Step Answer:

**Related Book For**

## Fundamentals Of Oil And Gas Accounting

**ISBN:** 9781593701376

5th Edition

**Authors:** Charlotte J. Wright, Rebecca A. Gallun