I used to have the idea that the value of an oil property depended upon the amount of oil that the property contained, but I have since modified my ideas on the subject, and the following discussion will demonstrate the reasons for my change of views.
Every oil property has two values—its market value and its theoretical value. The market value is that established in a transaction between a willing seller and a willing buyer. In other words, it is based on an agreement or compromise between a buyer free from any form of coercion and capable of backing his...
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