Test Questions Examples

Can you answer these questions?

 If you take our class, you will know the answers

Plat the following:

NE/4 NW/4, SE/4, NE/4 NE/4 SW/4

How many acres are in each description? (Hint – there are three descriptions in the above example)

You are involved in due diligence for your company.   Which of the following would you use to verify the company’s net working interest.

____1) Joint Interest Bill

____2) Oil check detail

____3) gas check detail
The term 8/8ths means….

___1      eight owners in the unit

___2      the production is multiplied 8 times

___3      100%

The term “burdens” describes

___1      The cost to drill the well

___2      Royalty and override owners cost on the lease

 

Do you understand formulas in opinions and what the numbers represent?

Viewing this example, give the gross working interest for this owner:

120/640 x 13/16

less 120/640 x 1.25%

plus 40/640 x 7/8 less

20/640 x 6.25%

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