Lotus Oil Company owns the working interest in a tract of land in Texas. Lacking the funds

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Lotus Oil Company owns the working interest in a tract of land in Texas. Lacking the funds to develop the property, Lotus assigns Jones Oil 30,000 barrels of oil to be paid out of 1/ 7 of the WI’s share of production in exchange for \($600,000\) in cash. What type of interest has Jones acquired?

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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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