During September, 2010, Fortunate Oil Company sold 2,000 Mcf of gas at 14.65 psia with a heat

Question:

During September, 2010, Fortunate 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 $$2.20$ per MMBtu.

REQUIRED:

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

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

c. Determine the sales price of the gas sold.

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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 10:00 AM

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During September, 2010, Fortunate Oil Company sold 2,000 Mcf of gas at 14.65 psia with a heat

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Fundamentals Of Oil And Gas Accounting

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