Question

710 * FUNDAMENTALS OF OIL & GAS ACCOUNTING 13. The following reserve table appeared in the financial statements of Tyler Company: Estimated Quantities of Net Proved Crude Oil and Natural Gas (Worldwide Totals only), in Thousands of Barrels and Millions of Cubic Feet 2020 2021 2022 Year ended Dec. 31 Oil Gas Oil Gas Oil Gas Beginning of year 171 779 234 783 335 724 Revisions of previous estimates 10 12 15 31 (11) 22 Improved recovery 21 30 25 23 15 50 Purchases of reserves-in-place 0 0 12 12 0 24 Sales of reserves-in-place (12) (12) (20) (99) (70) (24) Extensions & discoveries 69 78 90 42 6 (24) Production 234 783 335 724 251 870 End of year totals (25) (104) (21) (68) (24) (76) Net Wells Gross Wells Year 2020 750 2,010 2021 840 1,910 2022 900 2,050 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

          710 * FUNDAMENTALS OF OIL & GAS ACCOUNTING
13. The following reserve table appeared in the financial statements of Tyler Company:
Estimated Quantities of Net Proved Crude Oil and Natural Gas
(Worldwide Totals only), in Thousands of Barrels and Millions of Cubic Feet
2020
2021
2022
Year ended Dec. 31
Oil
Gas
Oil
Gas
Oil
Gas
Beginning of year
171
779
234
783
335
724
Revisions of previous estimates
10
12
15
31
(11)
22
Improved recovery
21
30
25
23
15
50
Purchases of reserves-in-place
0
0
12
12
0
24
Sales of reserves-in-place
(12)
(12)
(20)
(99)
(70)
(24)
Extensions & discoveries
69
78
90
42
6
(24)
Production
234
783
335
724
251
870
End of year totals
(25)
(104)
(21)
(68)
(24)
(76)
Net Wells
Gross Wells
Year
2020
750
2,010
2021
840
1,910
2022
900
2,050
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

710 * FUNDAMENTALS OF OIL GAS ACCOUNTING
13. The following reserve table appeared in the financial statements of Tyler Company:
Estimated Quantities of Net Proved Crude Oil and Natural Gas
(Worldwide Totals only), in Thousands of Barrels and Millions of Cubic Feet
2020
2021
2022
Year ended Dec. 31
Oil
Gas
Oil
Gas
Oil
Gas
Beginning of year
171
779
234
783
335
724
Revisions of previous estimates
10
12
15
31
(11)
22
Improved recovery
21
30
25
23
15
50
Purchases of reserves-in-place
0
0
12
12
0
24
Sales of reserves-in-place
(12)
(12)
(20)
(99)
(70)
(24)
Extensions discoveries
69
78
90
42
6
(24)
Production
234
783
335
724
251
870
End of year totals
(25)
(104)
(21)
(68)
(24)
(76)
Net Wells
Gross Wells
Year
2020
750
2,010
2021
840
1,910
2022
900
2,050
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

Added by -Scar H.

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