Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright

تمرين 7

Tiger Oil began operations on January 1, 20XA. Assume the following facts about
Tiger's first two years of operations. All reserve and production quantities apply only to
Tiger Oil's interest. Ignore the computations for future income tax. Assume a tax rate of 40% and that Tiger does not qualify for percentage depletion
because it is an integrated producer. Ignore deferred taxes and the alternative
minimum tax.
a. Prepare the required disclosures under SFAS No. 69, assuming Tiger is a successful
efforts company.
b. Assume instead that Tiger is a full cost company that amortizes all possible costs.
Prepare only those disclosures that would differ under full cost compared to
successful efforts.