I'm not home to put a reference but I think the norm is around 90 but it can go up to 150 depending on the reserve and production. I read an acquisition from a few years ago and the purchase was based on $50/bbl so there is a large scope for variation. We are safer to use the lower numbers in my opinion and for me it is more able keeping some base for benchmarking incase we get ahead of ourselves.
Bw
PS. I don't have O&G experience so this is based on my research and is opinion only.
I'm not home to put a reference but I think the norm is around...
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