Reference no: EM132607884
Question - Mr. Stephens sold the surface rights and retained the mineral rights in some land in Texas. He leases the land to Juniper Oil Company, reserving 1/5 royalty. During 2018, Juniper Oil makes the following assignments:
(1) to Fisher Petroleum, an ORI of 1/7 of Juniper's interest,
(2) To Scott Bank, a production payment interest of 45,000 barrels of oil to be paid out of 1/4 of the working interest's share (i.e. Wilson gets 1/4 of the production until it receives a total of 45,000 barrels)
(3) to Thompson Oil, a joint working interest of 1/3 after giving consideration to assignments to Fisher Petroleum and Scott Bank.
Assuming 90,000 BBLs what is Juniper Oil's share of production? Also, assuming 90,000 BBLs what is Fisher Petroleum's share of production?
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