60 Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located in Fayette County, Texas, Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $ bl. The rovalty interest is and the severance tax rate is 10%. 5 Prepare the revenue entries for Cameron Oil Company and Garcia Company. Well 24-Hr Test (bbl) Days Produced 30 20 35 26 Dyson Powell 50 24 Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located in Fayette County, Texas. Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $60/bbl. The royalty interest is 1/5 and the severance tax rate is 10%. Prepare the revenue entries for Cameron Oil Company and Garcia Company. Total Production Sold 2,900-measured at point of delivery Liberty Well 1 Freedom Well A-1
60 Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located in Fayette County, Texas, Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $ bl. The rovalty interest is and the severance tax rate is 10%. 5 Prepare the revenue entries for Cameron Oil Company and Garcia Company. Well 24-Hr Test (bbl) Days Produced 30 20 35 26 Dyson Powell 50 24 Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located in Fayette County, Texas. Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $60/bbl. The royalty interest is 1/5 and the severance tax rate is 10%. Prepare the revenue entries for Cameron Oil Company and Garcia Company. Total Production Sold 2,900-measured at point of delivery Liberty Well 1 Freedom Well A-1
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter19: Lease Financing
Section: Chapter Questions
Problem 3P
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