Question
Smith owns mineral rights in Texas, and leased these to Sunshine Company last year, reserving 1/8 royalty. Later that year, Sunshine Company sold 40% of
Smith owns mineral rights in Texas, and leased these to Sunshine Company last year, reserving 1/8 royalty. Later that year, Sunshine Company sold 40% of its working interest to Rainy Day Petroleum Company. In the current year, total proved reserves are estimated to be 2,500,000 bbls. Total production during the current year was 250,000 bbls. Royalty is paid to Smith in cash. In completing the Proved Reserves Report, what would be the following amounts for Sunshine Company (reported in bbls, include commas where appropriate, no text): Gross Reserves: bbls. Royalty: bbls. Net WI share: bbls. Reserves to be reported: bbls. In completing the Proved Reserves Report, what would be the following amounts for Rainy Day Petroleum Company (reported in bbls, include commas where appropriate, no text): Gross Reserves: bbls. Royalty: bbls. Net WI share: bbls. Reserves to be reported: bbls.
Smith owns mineral rights in Texas, and leased these to Sunshine Company last year, reserving 1/8 royalty. Later that year, Sunshine Company sold 40% of its working interest to Rainy Day Petroleum Company. In the current year, total proved reserves are estimated to be 2,500,000 bbl5. Total production during the current year was 250,000 bbls. Royalty is paid to Smith in cash. In completing the Proved Reserves Report, what would be the following amounts for Sunshine Company (reported in bbls, include commas where appropriate, no text): Gross Reserves: bbls. Royalty: bbls. Net WI share: bbls. Reserves to be reported: bbls. In completing the Proved Reserves Report, what would be the following amounts for Rainy Day Petroleum Company (reported in bbls, include commas where appropriate, no text): Gross Reserves: bbls. Royalty: bbls. Net WI share: bbls. Reserves to be reported: bbls. Smith owns mineral rights in Texas, and leased these to Sunshine Company last year, reserving 1/8 royalty. Later that year, Sunshine Company sold 40% of its working interest to Rainy Day Petroleum Company. In the current year, total proved reserves are estimated to be 2,500,000 bbl5. Total production during the current year was 250,000 bbls. Royalty is paid to Smith in cash. In completing the Proved Reserves Report, what would be the following amounts for Sunshine Company (reported in bbls, include commas where appropriate, no text): Gross Reserves: bbls. Royalty: bbls. Net WI share: bbls. Reserves to be reported: bbls. In completing the Proved Reserves Report, what would be the following amounts for Rainy Day Petroleum Company (reported in bbls, include commas where appropriate, no text): Gross Reserves: bbls. Royalty: bbls. Net WI share: bbls. Reserves to be reported: bbls
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