Wyatt Oil is considering drilling a new oil well that is initially expected to produce oil at a rate of 10 million barrels per year. Wyatt has a long-term contract that allows them to sell the oil at a profit of $2.50 per barrel. The initial cost of the drilling rig is $175,000,000. If the rate of oil production from the rig declines by 3% per year and the discount rate is 9% per year, then the NPV of this new oil well is closest to:
A) -$333,333,000
B) $28,128,000
C) $33,333,000
D) $39,340,000
E) None of the above