1) What financial statement adjustments will Bogue Street Producers need to make to their March 31 balance
sheet and income statement now that oil is forecasted by the experts to remain at $20/barrel for the
foreseeable future (please identify and quantify these items with the GAAP conceptual reference)?
2) Please also briefly share with Bill your perspective on how each of the following might factor into the ability
of Bogue Street Producers to continue on as a going concern: i) resolution of the Saudi Arabia/Russian oil
price war, and ii) Congress potentially designating the US oil production business as a distressed industry
worthy of grants and/or a capital infusion in an effort to save the industry.
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