1. If you drill 8 wildcat wells, according to the law of averages, how many will be dry holes?
2. The operator of a well is responsible for the maintenance of the leases included in the proration of the well.
3. A type of ownership in which two or more parties own property equally, and upon the death of one, ownership
passes to the survivor.
4. Farmout Agreements are almost always recorded.
5. An interest in which payment is computed after the deduction of certain specified costs is what type of
6. At what point does title to real property vest in the devisee or heirs of a deceased individual?
7. Under what type of bankruptcy would a company be liquidated?
8. Under what type of bankruptcy would a company be reorganized?
9. Who would you pay royalty proceeds due to a company in Chapter 7 bankruptcy?
10. A modification to a will is known as a: