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NRI PROBLEM 1 The State of New Mexico leased its 100% mineral interest in the NE/4 of Section 16. T-21-S, R- 31-E, N.M.P.M. for $125.00 per net acre, a 3/16 royalty and a five-year primary term. Big Oil subsequently assigns a 70% working interest to Raider Properties. Kellie Oil and Gas owns the State of New Mexico Oil and Gas Lease covering the SE/4 of Section 16. A 1/6 royalty burdens this lease. Kellie Oil and Gas proposes the pooling of the E/2 of Section 16 for the drilling of a Bone Spring well. 1) What is the gross and net working interests of Raider Properties and Big Oil in the NE/4 of Section 167 2) What are the gross and net revenue interests of Kellie Oil and Gas in the SE/4 of Section 16? 3) What are the gross and net working interests of Kellie Oil and Gas, Big Oil and Raider Properties in the Contract Area? 4) What is the net revenue interest of the State of New Mexico? NRI PROBLEM 1 The State of New Mexico leased its 100% mineral interest in the NE/4 of Section 16. T-21-S, R- 31-E, N.M.P.M. for $125.00 per net acre, a 3/16 royalty and a five-year primary term. Big Oil subsequently assigns a 70% working interest to Raider Properties. Kellie Oil and Gas owns the State of New Mexico Oil and Gas Lease covering the SE/4 of Section 16. A 1/6 royalty burdens this lease. Kellie Oil and Gas proposes the pooling of the E/2 of Section 16 for the drilling of a Bone Spring well. 1) What is the gross and net working interests of Raider Properties and Big Oil in the NE/4 of Section 167 2) What are the gross and net revenue interests of Kellie Oil and Gas in the SE/4 of Section 16? 3) What are the gross and net working interests of Kellie Oil and Gas, Big Oil and Raider Properties in the Contract Area? 4) What is the net revenue interest of the State of New Mexico