Jackson Oil Company's production for Lease A and Lease B is gathered into a common system...
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Jackson Oil Company's production for Lease A and Lease B is gathered into a common system and sold. Total sales for the month of July are 6,562 barrels. Assume the following data for Lease A and Lease B: Lease A: Well 1 2 3 Lease B: 1 2 24-hour Test, bbl 40 30 50 50 80 Days Produced 24 30 28 30 24 Measured production is 3,300 barrels from Lease A and 3,500 barrels from Lease B. REQUIRED: a. Allocate production to each lease. b. Allocate the amounts per lease determined in part a to the wells. Round the ratios to four decimal places. Jackson Oil Company's production for Lease A and Lease B is gathered into a common system and sold. Total sales for the month of July are 6,562 barrels. Assume the following data for Lease A and Lease B: Lease A: Well 1 2 3 Lease B: 1 2 24-hour Test, bbl 40 30 50 50 80 Days Produced 24 30 28 30 24 Measured production is 3,300 barrels from Lease A and 3,500 barrels from Lease B. REQUIRED: a. Allocate production to each lease. b. Allocate the amounts per lease determined in part a to the wells. Round the ratios to four decimal places.
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Answer to part a Allocation of production to each lease Given Measured pro... View the full answer
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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