Hays Oil Company is a new successful efforts company located in New Mexico. During September 2020, Hays

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Hays Oil Company is a new successful efforts company located in New Mexico.

During September 2020, Hays Oil Company sold 2,000 Mcf of gas at 14.65 psia with a heat content of 1.030 MMBtu/Mcf at 14.73 psia. The selling price of the gas was $8.80/MMBtu.

REQUIRED:

a. Convert Mcf to a standard pressure of 14.73 psia and determine the MMBtus for the gas sold.

b. Convert MMBtu/Mcf to a standard pressure of 14.65 psia and determine the MMBtus for the gas sold.

c. Determine the sales price of the gas sold.

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Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

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Question Posted: Mar 08, 2024 10:01 AM

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Hays Oil Company is a new successful efforts company located in New Mexico. During September 2020, Hays

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a To convert 2000 Mcf to a standard pressure of 1473 psia we use the ideal gas law formula P1V1T1 P2...View the full answer

Fundamentals Of Oil And Gas Accounting

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