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Calculate the number of barrels each party would receive

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Reference no: EM132600101

Question - John Thornton owns 320 mineral acres in Gray County, Texas. On September 1, 2019 Johnson enters into a 5-year lease agreement with Summit Oil Company ("Summit"), reserving 1/4 interest.

On January 1, 2020 Summit made the following assignments:

1. To Lyla Williams, an ORRI of 1/8

2. To Denise Brown, a production payment of 5,000 BBLs of oil to be paid out of 1/5 of the working interests' share of production.

3. After considering the above assignments, to Juniper Oil LLC a joint working interest of 10%

REQUIRED (Must show work in details): Assuming 30,000 gross BBLs of oil, Calculate the number of barrels each party would receive.

Reference no: EM132600101

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