By Charlotte Wright, Rebecca Gallun
ISBN-10: 0878147934
ISBN-13: 9780878147939
An accounting textual content particularly for the oil and gasoline undefined, up to date to a layout excellent for either educational and business settings. up-to-date good points comprise examples and homework difficulties, a brand new bankruptcy on financial plan research, and a brand new bankruptcy on pipeline accounting, between different alterations. DLC: Petroleum and trade--Accounting
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Qxd 6/18/01 4:09 PM Page 54 Fundamentals of Oil & Gas Accounting INTRODUCTION TO FULL-COST ACCOUNTING Figure 2–3 presents a flow chart overview of the treatment of the four basic costs under FC. The example used to illustrate SE accounting is also used to illustrate FC accounting. As shown in the flow chart and in the example, acquisition, exploration, and development costs are capitalized under the full cost method, regardless of whether the costs result in a discovery of reserves. As in SE accounting, gross acquisition costs are placed in an unproved property account and are moved to a proved property account if proved reserves are found.
Lacking the funds to develop the lease, Universal assigns the working interest to Droopy Oil Company, reserving 1/ 32 of 6/ 7 of production. What kind of interest has Droopy acquired? What kind of interest has Universal retained? 12. Lotus Oil Company owns the working interest in a tract of land in Texas. Lacking the funds to develop the property, Lotus assigns Jones Oil 30,000 barrels of oil to be paid out of 1/ 7 of the WI’s share of production in exchange for $600,000 in cash. What type of interest has Jones acquired?
By what date must drilling be commenced in order to keep the lease from terminating? d. Assume Core Oil begins drilling a well on January 2, 2007. 1) Would the first delay rental be necessary to keep the lease from terminating? 2) If the well is still in process 14 months later, would the second delay rental be necessary? 3) If, instead, the well was completed and production begun by October 3, 2007, would the second delay rental be necessary? 4) If production ceased by December 25, 2008, would the third delay rental payment be necessary?
Fundamentals of Oil and Gas Accounting by Charlotte Wright, Rebecca Gallun
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