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Bbl
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One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or natural gas liquids.
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Bcf
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One billion cubic feet of natural gas.
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Bcfe
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One billion cubic feet of natural gas equivalent using the ratio of one barrel of crude oil, condensate or natural gas liquids to 6 Mcf of natural gas.
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Btu
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British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit.
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Basin
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A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.
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Field
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An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.
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Fully developed finding, development and acquisition cost (FD&A)
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Total costs incurred plus the increase in future development costs divided by total proved reserve acquisitions, extensions and discoveries and revisions.
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Henry Hub spot price
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The price of natural gas, in dollars per MMbtu, being traded at the Henry Hub in Louisiana in transactions for next-day delivery, measured downstream from the wellhead after the natural gas liquids have been removed and a transportation cost has been incurred.
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Horizontal drilling
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A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle within a specified interval.
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Infill wells
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Wells drilled into the same pool as known producing wells so that oil or natural gas does not have to travel as far through the formation.
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MBbl
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One thousand barrels of crude oil, condensate or natural gas liquids.
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Mcf
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One thousand cubic feet of natural gas.
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Mcfe
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One thousand cubic feet of natural gas equivalents.
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MMBbl
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One million barrels of crude oil, condensate or natural gas liquids.
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MMBtu
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One million British thermal units.
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MMcf
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One million cubic feet of natural gas.
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MMcfe
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One million cubic feet of natural gas equivalents.
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NYMEX
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The New York Mercantile Exchange.
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Net acres
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The percentage of total acres an owner has out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres.
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Net working interest
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A working interest owner’s gross working interest in production, less the related royalty, overriding royalty, production payment, and net profits interests.
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PDP
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Proved developed producing.
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PV-10 value
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When used with respect to oil and natural gas reserves, PV-10 value means the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development and abandonment costs, using prices and costs in effect at the determination date, before income taxes, and without giving effect to non-property-related expenses, discounted to a present value using an annual discount rate of 10% in accordance with the guidelines of the Commission.
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Primary recovery
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The period of production in which oil moves from its reservoir through the wellbore under naturally occurring reservoir pressure.
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Proved developed reserves
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Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.
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Proved reserves
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The estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs as of the date the estimate is made. Prices include consideration of changes in existing prices provided only by contractual arrangements, but not on escalations based upon future conditions.
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Proved undeveloped reserves
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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.
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Sand
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A geological term for a formation beneath the surface of the earth from which hydrocarbons are produced. Its make-up is sufficiently homogenous to differentiate it from other formations.
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Secondary recovery
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The recovery of oil and gas through the injection of liquids or gases into the reservoir, supplementing its natural energy. Secondary recovery methods are often applied when production slows due to depletion of the natural pressure.
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Seismic survey
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Also known as a seismograph survey, is a survey of an area by means of an instrument which records the vibrations of the earth. By recording the time interval between the source of the shock wave and the reflected or refracted shock waves from various formations, geophysicists are able to define the underground configurations.
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Spacing
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The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres, e.g., 40-acre spacing, and is often established by regulatory agencies.
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Tertiary recovery
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The use of any improved recovery method, including injection of CO2, to remove additional oil after secondary recovery. Compare primary recovery, secondary recovery.
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Unit
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The joining of all or substantially all interests in a reservoir or field, rather than a single tract, to provide for development and operation without regard to separate property interests. Also, the area covered by a unitization agreement.
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WTI Cushing spot price
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The price of West Texas Intermediate grade crude oil, in dollars per barrel, in transactions for immediate delivery at Cushing, Oklahoma.
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Waterflood
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The injection of water into an oil reservoir to “push� additional oil out of the reservoir rock and into the wellbores of producing wells. Typically a secondary recovery process.
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Wellbore
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The hole drilled by the bit that is equipped for oil or gas production on a completed well. Also called well or borehole.
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Working interest
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The right granted to the lessee of a property to explore for and to produce and own oil, gas, or other minerals. The working interest owners bear the exploration, development, and operating costs on either a cash, penalty, or carried basis.
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Zone
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A layer of rock which has distinct characteristics that differ from nearby rock.
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