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Business, 04.05.2021 05:00 wyattgrubb00

Carrolton Oil and Gas, an independent oil and gas producer, is approved to use a 20% of gross in-come depletion allowance. The write-off last year was $700,000 on its horizontal directional drill wells. Determine the estimated total reserves in barrels if the volume pumped last year amounted to 1% of the total and the delivered-product price averaged $75 per barrel.

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