RECOMMENDED!!ACC 4331-Royal Queen Petroleum has the following data for its Bayou Field
Royal Queen Petroleum has the following data for its Bayou Field:Property cost (acquisition cost)……. $ 60,000Drilling cost (one well)………………. 280,000Estimated selling cost per bbl………………80Estimated lifting cost per bbl……………….26State severance tax…………………………….5%Royalty interest……………………………..12.5%The company is considering two drilling plans which are estimated to have the following production:Well A: 600 bbl per month. Completion cost, $500,000.Well B: 1,000 bbl per month. Completion cost, 800,000.Required:a. Determine the number of months needed for payout on each plan.b. If the company depends on the payback method for its investment decision, which plan will be more preferred?
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