Oil and Gas at Your Door? (2005 Edition) - Earthworks
Oil and Gas at Your Door? (2005 Edition) - Earthworks
Oil and Gas at Your Door? (2005 Edition) - Earthworks
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Glossary<br />
L<br />
l<strong>and</strong>man<br />
An employee of an oil <strong>and</strong> gas company or an agent for the company who negoti<strong>at</strong>es oil <strong>and</strong> gas<br />
leases with mineral owners, cures title defects, <strong>and</strong> negoti<strong>at</strong>es with other companies on agreements<br />
concerning the lease. L<strong>and</strong>men may become certified by passing an exam given by the<br />
American Associ<strong>at</strong>ion of Professional L<strong>and</strong>men.<br />
lease<br />
A legal instrument th<strong>at</strong> could be a contract, profit-share agreement, joint venture or other agreement<br />
between a mineral owner (lessor) <strong>and</strong> another party (lessee) th<strong>at</strong> grants exclusive right to<br />
the lessee to explore for, drill, produce <strong>and</strong> remove oil or gas from a piece of l<strong>and</strong>.<br />
legal description<br />
An adequ<strong>at</strong>e description of l<strong>and</strong> which enables a surveyor to loc<strong>at</strong>e a tract of l<strong>and</strong>. Two systems<br />
of l<strong>and</strong> surveys exist in the United St<strong>at</strong>es: (1) the metes <strong>and</strong> bounds system describes the<br />
boundaries of parcel of l<strong>and</strong>; <strong>and</strong> (2) the rectangular survey system describes l<strong>and</strong> parcels<br />
using equal-sized townships, sections <strong>and</strong> fractions thereof. A legal description is essential in<br />
deeds, l<strong>and</strong> contracts, mortgages, wills <strong>and</strong> leases.<br />
lessee<br />
The person or party who receives the lease, sometimes called the tenant.<br />
lessor<br />
The person or party giving the lease, sometimes called grantor or l<strong>and</strong>lord.<br />
liquified n<strong>at</strong>ural gas (LNG)<br />
N<strong>at</strong>ural gas th<strong>at</strong> is cooled to about -260°F <strong>at</strong> normal pressure, resulting in the condens<strong>at</strong>ion of<br />
the gas into liquid form. LNG takes up about 1/600th of the volume of gaseous n<strong>at</strong>ural gas,<br />
which decreases the cost of transporting the n<strong>at</strong>ural gas. But LNG is costly to produce, <strong>and</strong><br />
thus, only accounts for 1 % of the n<strong>at</strong>ural gas used in the United St<strong>at</strong>es.<br />
log<br />
A system<strong>at</strong>ic recording of d<strong>at</strong>a, such as a driller's log, mud log, electrical well log, or radioactivity<br />
log. Many different logs are run down wells to discern various characteristics of downhole form<strong>at</strong>ion.<br />
M<br />
Mcf<br />
Abbrevi<strong>at</strong>ion for one thous<strong>and</strong> cubic feet.<br />
MMcf<br />
Abbrevi<strong>at</strong>ion for one million cubic feet.<br />
methane<br />
A gaseous hydrocarbon (<strong>at</strong> normal temper<strong>at</strong>ure <strong>and</strong> pressure) consisting of one carbon <strong>at</strong>om<br />
<strong>and</strong> four hydrogen <strong>at</strong>oms. Chemical formula CH4.<br />
mineral<br />
A n<strong>at</strong>urally occurring homogeneous substance th<strong>at</strong> is obtained from the ground for human use<br />
(e.g., stone, coal, salt, sulfur, s<strong>and</strong>, petroleum, w<strong>at</strong>er, n<strong>at</strong>ural gas).<br />
Glossary-8
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