Updated to include new material on asset retirement obligations, asset impairment, project analysis, investment decision making, asset exchanges, and fair value reporting requirements, this comprehensive treatment of the US and international oil and gas industry serves as a classroom text, training manual and professional reference. Wright (accounting, Oklahoma State U.) and Gallun (accounting emeritus, U. of Houston-Clear Lake) packed their accessible text with examples and diagrams, introducing upstream oil and gas operations and accounting as it applies to oil and gas. They cover successful nondrilling exploration costs, acquisition costs of unproved property, drilling and development costs, and proved property cost disposition, and accounting for full cost, productions activities, revenue from sales, taxes and joint interest, as well as sections on conveyances, oil and gas disclosures, and international petroleum operations. They close by describing how to analyze the oil and gas companies' financial statements. Annotation ⓒ2008 Book News, Inc., Portland, OR (booknews.com)