Mr. Stephens sold the surface rights and retained the mineral rights in some land in...
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Mr. Stephens sold the surface rights and retained the mineral rights in some land in Texas. He leases the land to Juniper Oil Company, reserving 1/5 royalty. During 2018, Juniper Oil makes the following assignments: (1) to Fisher Petroleum, an ORI of 1/7 of Juniper's interest, (2) To Scott Bank, a production payment interest of 45,000 barrels of oil to be paid out of 1/4 of the working interest's share (i.e. Wilson gets 1/4 of the production until it receives a total of 45,000 barrels) (c) to Thompson Oil, a joint working interest of 1/3 after giving consideration to assignments to Fisher Petroleum and Scott Bank. Assuming 90,000 BBLs what is Scott Bank's share of production?
I need to know what is Scott Banks share of production please show work.
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