What amount of gross revenue

Reference no: EM132783862

Assumed from the Production Accounting example the following: The Shepherd Field is jointly owned by Tyler Company (60% WI), which acts as field operator, and Our Oil Company (40% WI). There is a 1/8 royalty, which is shared proportionally by Tyler and Our Oil Company. Gas price for the month is $4.50/Mmbtu. Assume production taxes were 5%. Based on gas analysis the heating content is 1.03 Btu.

Problem 1: What is the value of gas sales?

Problem 2: What is the amount of revenue Tyler Oil Company & Our Oil Company should record?

Problem 3: What amount should Tyler Oil Company & Our Oil Company record for royalty and severance tax?

Problem 4: What amount of gross revenue, royalty, severance taxes and net revenue should Tyler Company record for each lease (A-B-C-D-E-F)?

Reference no: EM132783862

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