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:

Transcribed Image Text:

Changes in Standardized Measure of Discounted Future Net Cash Flows in Thousands Year ended Dec. 31 Beginning of year Changes due to prices and costs 2015 2016 2017 $1,131 $ 643 $1,656 (830) 550 200 Changes due to purchases in place Changes due to extensions, discoveries, and improved recovery 0 156 139 400 180 712 Changes due to revisions in estimates 99 310 39 Changes due to sales in place (22) (35) (40) Changes due to production (270) (398) (500) Accretion of discount Balance at end of year 135 250 199 $ 643 $1,656 $2,405