Ellis, Terry, and Franks signed a lease agreement with Farmer Brown, the owner of the mineral rights.
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Ellis, Terry, and Franks signed a lease agreement with Farmer Brown, the owner of the mineral rights. Farmer Brown received a 1/5 royalty interest. The companies’
working interests are 60%, 30%, and 10%, respectively. The companies signed a joint operating agreement designating Ellis as the operator of the lease.
REQUIRED: Assuming revenues of $800,000 and costs of $500,000 for the first year of operations, determine how much each party will receive in revenue and pay in costs the first year of operations.
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