Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Calculate the production allocation for three wells given the following data: Well 24-hr. Test, bbl Days Produced Total Production Sold 1 50 29 2 55

Calculate the production allocation for three wells given the following data:

Well

24-hr. Test, bbl

Days Produced

Total Production Sold

1

50

29


2

55

30

4,400 barrels—measured at point of delivery (production from 3 wells commingled)

3

45

28


Requirement:
 Determine the barrels of production for each well. Round the ratio to three decimal places and round barrels to the nearest whole barrel.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Oil And Gas Accounting

Authors: Charlotte Wright

6th Edition

9781593703639

More Books

Students also viewed these Accounting questions

Question

Explain the philosophy of HRM that is adopted in this book? LO1

Answered: 1 week ago

Question

Set out the main objectives of the human resource function? LO1

Answered: 1 week ago