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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031 Exercise 5
The following reserve table appeared in the financial statements of Lomax Company: 
REqUIRED: Compute the following ratios for all three years:
a. The reserve replacement ratio computed for all three methods and for oil
and gas separately
b. The reserve life ratio computed for oil and gas separately
c. The net wells to gross wells ratio
d. The average reserves per well ratio computed using BOE, i.e., combining reserves
based on relative energy content
e. The average daily production per well computed using BOE
REqUIRED: Compute the following ratios for all three years:a. The reserve replacement ratio computed for all three methods and for oil
and gas separately
b. The reserve life ratio computed for oil and gas separately
c. The net wells to gross wells ratio
d. The average reserves per well ratio computed using BOE, i.e., combining reserves
based on relative energy content
e. The average daily production per well computed using BOE
Explanation
Verified
Verified
(a)
Reserve replacement ratio is used to...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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