Both oil and gas are produced from BlowOut Oil Companys lease in Texas. Additional information, 1/1/07: Assuming

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Both oil and gas are produced from BlowOut Oil Company’s lease in Texas. Additional information, 1/1/07:

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Assuming the lease is fully developed, compute amortization:

a. assuming oil is the dominant mineral

b. using a common unit of measure based on BOE

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Fundamentals Of Oil And Gas Accounting

ISBN: 9780878147939

4th Edition

Authors: Rebecca A. Gallun, Ph.D. Wright, Charlotte J, Linda M. Nichols, John W. Stevenson

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Question Posted: May 29, 2024 08:03 AM

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Both oil and gas are produced from BlowOut Oil Companys lease in Texas. Additional information, 1/1/07: Assuming

Question:

Unrecovered IDC (unamortized IDC) Proved property costs, net L&W equipment, gross Beginning of year accumulated DD&A equipment... Estimated proved reserves, 12/31/07 Oil..... Gas... Production during 2007 Oil.... Gas.. $900,000 100,000 300,000 50,000 200,000 bbl 1,000,000 Mcf 10,000 bbl 300,000 Mcf

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Fundamentals Of Oil And Gas Accounting

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