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Assume the following information for afully developed propertythat produces oil and gas: Capitalized costs 6,000,000.00 Amortization in prior periods 290,000.00 Estimated oil reserves, end of
Assume the following information for afully developed propertythat produces oil and gas: Capitalized costs 6,000,000.00 Amortization in prior periods 290,000.00 Estimated oil reserves, end of period 700,000.00 BBLS Estimated gas reserves, end of period 4,200,000.00 MCF Oil production during period 85,000.00 BBLS Gas production during period 405,000.00 MCF DD&A using BOE (6 mcf gas = 1 bbl oil) undersuccessful effortsis
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