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Additional info for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2)
Generally, an exploratory well is any well that is not a development well, a service well, or a stratigraphic test well. These definitions may not coincide with those that have been commonly used in the industry (typically, the industry definition of a development well is more liberal than Reg. S-X, Rule 4-10). This results in two problems: 1. Improper classification of certain exploratory dry holes as development wells (the problem occurs primarily with stepout or delineation wells drilled at the edge of a producing reservoir) 2.
S-X Rule 4-10, oil and gas property costs are accounted for as • All costs associated with property acquisition, exploration and development activities shall be capitalized by country-wide cost center. Any internal costs that are capitalized shall be limited to those costs that can be directly identified with the acquisition, exploration and development activities undertaken by the reporting entity for its own account, and shall not include any costs related to production, general corporate overhead or similar activities.
Depletion (or depletion and amortization) of property acquisition and development costs related to a body of ore is calculated in a manner similar to the unit-of-production method of depreciation. The cost of the body of ore is divided by the estimated quantity of ore reserves or units of metal or mineral to arrive at the depletion charge per unit. The unit charge is multiplied by the number of units extracted to arrive at the depletion charge for the period. This computation requires a current estimate of economically recoverable mineral reserves at the end of the period.