Texas oil company has the following data in connection with lease A as follows:

property cost - $70,000

Drilling cost (one well) - 240,000

Estimated completion cost - 400,000

Estimated selling price/bbl - 50

Estimated lifting costs/bbl - 10

Severance tax - 5%

Royalty interest - 15%

ignore income taxes, what will Texas's estimated profit be if the estimated recoverable reserves are 20,000 bbl? show steps for credit.