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Additional info for Fundamentals of Oil and Gas Accounting
All Wells are Assumed to Find Oil at Same Depth or Horizon. qxd 5/31/01 4:39 PM Page 35 Chapter 2 Introduction to Oil & Gas Accounting nated a proved area. If additional wells are drilled within the proved area, to the proved depth, the wells are considered development wells. Note that a well drilled within a proved area with respect to the surface acreage, but to a shallower depth, is not being drilled in a proved area, and therefore, is considered an exploratory well. As a result of the first successful well on a property, the property is reclassified from an unproved property to a proved property.
Qxd 5/31/01 4:39 PM Page 38 Fundamentals of Oil & Gas Accounting Income Statements Revenue . . . . . Expenses: G&G . . . . . . Exploratory dry holes . . . . Production costs . . DD&A . . . . . Total Expenses . . Net Income . . . _________SE__________________FC________ $ 100,000 $100,000 $ 30,000 $ 1,200,000 25,000 __40,000 0 25,000 _90,000 _1,295,000 $(1,195,000) _________ 0 _115,000 $ (15,000) _______ Partial Balance Statements G&G costs . . . . . .
200,000 200,000 b. On January 15, Lucky Company acquires a 100-acre lease, paying a $20-per-acre bonus (acquisition cost). Entry Unproved property (100 x $20) . . . . Cash. . . . . . . . . . . . . 2,000 2,000 c. On February 20, Lucky Company drills a dry exploratory well at a cost of $300,000 (unsuccessful or nonproductive exploration cost). Entry Dry-hole expense. . . . . . . . . . Cash. . . . . . . . . . . . . 300,000 300,000 d.