Mr. Duke owns some mineral rights in Texas that he leases to Seagull Oil Company, reserving a

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Mr. Duke owns some mineral rights in Texas that he leases to Seagull Oil Company, reserving a 1/8 royalty interest. During 2014, Seagull Oil made the following assignments:

a. To Mr. Hall, an ORI of 1/6.

b. To Mr. Evans, a production payment interest of 10,000 barrels of oil to be paid out of 1/5 of the working interest's share of production.

c. To Ms. Wilson, a joint working interest of 40% after giving consideration to the above assignments.

A. Calculate the decimals to be used in the division order.

B. Assuming production of 12,000 (gross) barrels of oil, calculate the number of barrels each owner would receive.

Posted Date: Nov 03, 2021 08:29 AM

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Mr. Duke owns some mineral rights in Texas that he leases to Seagull Oil Company, reserving a

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A Mr Duke 18 Mr Hall 16 Mr Evans 10000 barrels Ms Wilson 40 B If the production is ... View the full answer

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