Glossary


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	Find Term: Bbl One stock tank barrel, or 42 U.S. gallons liquid volume, of crude oil or other liquid hydrocarbons Bcf One billion cubic feet Bcfe One billion cubic feet equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids Boe One barrel of oil equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil Boe/d Boe per day Btu British thermal unit, which is the quantity of heat required to raise the temperature of a one-pound mass of water by one degree Fahrenheit Development Well A well drilled within the proved area of a natural gas or oil reservoir to the depth of a stratigraphic horizon known to be productive Dry Hole or Well A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production would exceed production expenses and taxes Exploitation A drilling or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects Field An area consisting of a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition Goss Acres or Gross Wells The total acres or wells, as the case may be, in which a working interest is owned MBbls One thousand barrels of crude oil or other liquid hydrocarbons MBoe One thousand barrels of oil equivalent Mcf One thousand cubic feet Mcfe One thousand cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids MMBbls One million barrels of crude oil or other liquid hydrocarbons MMBoe One million barrels of oil equivalent MMBtu One million British thermal units MMcf One million cubic feet MMcfe One million cubic feet equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids MMcfe/d MMcfe per day MMMBtu One billion British thermal units net acres or net wells The sum of the fractional working interests owned in gross acres or gross wells, as the case may be NGLs The combination of ethane, propane, butane and natural gasolines that when removed from natural gas become liquid under various levels of higher pressure and lower tempera NYMEX New York Mercantile Exchange Oil Crude oil, condensate and natural gas liquids Productive Well A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceeds production expenses and taxes Proved Developed Reserves Proved reserves that can be expected to be recovered from existing wells with existing equipment and operating methods. This definition of proved developed reserves has been abbreviated from the applicable definitions contained in Rule 4-10(a)(2-4) of Regulation S-X. The entire definition of this term can be viewed on the website at http://www.sec.gov/divisions/corpfin/forms/regsx.htm#gas Proved Reserves The estimated quantities of crude oil, natural gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. This definition of proved reserves has been abbreviated from the applicable definitions contained in Rule 4-10(a)(2-4) of Regulation S-X. The entire definition of this term can be viewed on the website at http://www.sec.gov/divisions/corpfin/forms/regsx.htm#gas Proved Undeveloped Reserves or PUDs Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. This definition of proved undeveloped reserves has been abbreviated from the applicable definitions contained in Rule 4-10(a)(2-4) of Regulation S-X. The entire definition of this term can be viewed on the website at http://www.sec.gov/divisions/corpfin/forms/regsx.htm#gas Recompletion The completion for production of an existing wellbore in another formation from that which the well has been previously completed Reserve That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination Reservoir A porous and permeable underground formation containing a natural accumulation of producible oil and/or natural gas that is confined by impermeable rock or water barriers and is individual and separate from other reserves Standardized Measure The present value of estimated future net revenue to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC (using prices and costs in effect as of the date of estimation), less future development, production and income tax expenses, and discounted at 10% per annum to reflect the timing of future net revenue. Our standardized measure does not reflect any future income tax expenses because we are not subject to income taxes. Standardized measure does not give effect to derivative transactions. Successful Well A well capable of producing natural gas and/or oil in commercial quantities Undeveloped Acreage Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of natural gas and oil regardless of whether such acreage contains proved reserves Working Capital Borrowings Borrowings used exclusively for working capital purposes or to pay distributions to partners, made pursuant to a credit agreement or other arrangement to the extent such borrowings are required to be reduced to a relatively small amount each year for an economically meaningful period of time. Working Interest The operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and a share of production. Workover Operations on a producing well to restore or increase production Back to top Portions of this page copyright © Investopedia.com