The following reserve table appeared in the financial statements of Brown Company. (in thousands of barrels)...

  

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The following reserve table appeared in the financial statements of Brown Company. (in thousands of barrels) Year ended Dec. 31 2015 2016 2017 170 240 325 Beginning of year Revisions of previous estimates Improved Recovery 20 10 12 (10) Purchases of Reserves in-place Sales of reserves in-place Extensions and Discoveries 25 20 20 12 22 0 10 0 (10) (25) (60) 09 770 90 00 15 Extensions and Discoveries Production End of Year 70 70 90 15 15 (25) (22) (25) 240 325 257 Year Net Wells Gross Wells 2015 700 2000 2016 850 1900 2017 900 2100 Required: Calculate the average daily production per well ratio for 2015. (Note that reserve numbers represent thousands of barrels.) The following reserve table appeared in the financial statements of Brown Company. (in thousands of barrels) Year ended Dec. 31 2015 2016 2017 170 240 325 Beginning of year Revisions of previous estimates Improved Recovery 20 10 12 (10) Purchases of Reserves in-place Sales of reserves in-place Extensions and Discoveries 25 20 20 12 22 0 10 0 (10) (25) (60) 09 770 90 00 15 Extensions and Discoveries Production End of Year 70 70 90 15 15 (25) (22) (25) 240 325 257 Year Net Wells Gross Wells 2015 700 2000 2016 850 1900 2017 900 2100 Required: Calculate the average daily production per well ratio for 2015. (Note that reserve numbers represent thousands of barrels.)

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The average daily production per well ratio for 2015 is approximately 01029 ... View the full answer