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Need your speedy excell plot, Thanks 3) An oil well has produced consistently for the last five years. The monthly oil production is shown below.

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3) An oil well has produced consistently for the last five years. The monthly oil production is shown below. It costs $2000 per month to operate the well, the current oil price is $60/Stb and the severance tax is 7.085% of gross value. No gas is being produced. Compute: a) b) c) d) e) f) g) The EL based on 100% WI and 87.5% NRI, assuming constant oil price An exponential decline based on a graphed plot of production vs time The remaining oil reserves as of 1/1/2011 The monthly production rate for Dec 2011 The remaining life of the well Ultimate oil recovery Total annual production for 2011, 2012 and 2013 Oil Production (Stb/month) Month 2006 2399 2059 1808 1627 1699 1575 1618 1660 1575 1538 1541 1702 2009 1334 January February March April May June uly August September October November December 2007 1882 1621 1536 1551 1526 1553 1514 1428 1320 1534 1309 1474 2008 1637 1265 1386 1310 1300 1241 1289 1299 1240 1290 1240 1348 1208 1191 1370 1315 1268 1312 1224 1229 1202 1229 2010 1151 1028 1151 1075 1081 983 1037 959 989 897 1044 996 3) An oil well has produced consistently for the last five years. The monthly oil production is shown below. It costs $2000 per month to operate the well, the current oil price is $60/Stb and the severance tax is 7.085% of gross value. No gas is being produced. Compute: a) b) c) d) e) f) g) The EL based on 100% WI and 87.5% NRI, assuming constant oil price An exponential decline based on a graphed plot of production vs time The remaining oil reserves as of 1/1/2011 The monthly production rate for Dec 2011 The remaining life of the well Ultimate oil recovery Total annual production for 2011, 2012 and 2013 Oil Production (Stb/month) Month 2006 2399 2059 1808 1627 1699 1575 1618 1660 1575 1538 1541 1702 2009 1334 January February March April May June uly August September October November December 2007 1882 1621 1536 1551 1526 1553 1514 1428 1320 1534 1309 1474 2008 1637 1265 1386 1310 1300 1241 1289 1299 1240 1290 1240 1348 1208 1191 1370 1315 1268 1312 1224 1229 1202 1229 2010 1151 1028 1151 1075 1081 983 1037 959 989 897 1044 996

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