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John Thornton owns 320 mineral acres in Gray County, Texas. On September 1, 2019 John enters into a 5-year lease agreement with Summit Oil Company
John Thornton owns 320 mineral acres in Gray County, Texas. On September 1, 2019 John enters into a 5-year lease agreement with Summit Oil Company (Summit), reserving 1/4 interest. On January 1, 2020 Summit made the following assignments: 1. To Lyla Williams, an ORRI of 1/8 2. To Denise Brown, a production payment of 5,000 BBLs of oil to be paid out of 175 of the working interests' share of production. 3. After considering the above assignments, to Juniper Oil LLC a joint wokring interest of 10% REQUIRED (you must show your work): A. Prepare the decimal interests assigned to each party. B. Assuming 30,000 gross BBLs of oil, calculate the nubmer of barrels each party would receive
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