Universal Oil Company owns a working interest in an oil and gas lease. Lacking the funds to
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Universal Oil Company owns a working interest in an oil and gas lease. Lacking the funds to develop the lease, Universal assigns the working interest to Droopy Oil Company, reserving 1/ 32 of 6/ 7 of production. What kind of interest has Droopy acquired? What kind of interest has Universal retained?
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Related Book For 
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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