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GLOSSARY OF OIL AND NATURAL GAS TERMS
The following are abbreviations and definitions of terms commonly used in the oil and natural gas industry that are used in this
report.
Bbl. One stock tank barrel or 42 U.S. gallons liquid volume.
Bcf. Billion cubic feet of natural gas.
Bcfe. Billion cubic feet equivalent determined using the ratio of approximately six Mcf of natural gas to one Bbl of crude oil,
condensate or natural gas liquids.
Bopd. Barrels of oil per day.
Boepd. Barrels of oil equivalent per day.
Deterministic estimate. Refers to a method of estimation whereby a single value for each parameter in the reserves calculation is
used in the reserves estimation procedure.
Developed reserves. Oil and natural gas reserves of any category that can be expected to be recovered: (i) through existing wells
with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost
of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the
extraction is by means not involving a well.
Development project. A project by which petroleum resources are brought to the status of economically producible. As
examples, the development of a single reservoir or field, an incremental development in a producing field, or the integrated
development of a group of several fields and associated facilities with a common ownership may constitute a development project.
Development well. A well drilled within the proved area of an oil or natural gas reservoir to the depth of a stratigraphic horizon
known to be productive.
Drill Stem Test. A test of the flow rates of a formation thru the drill pipe to determine the fluid and gas content, pressure and
estimated production rates of the reservoir.
Dry hole or well. A well that proves to be incapable of producing either oil or natural gas in sufficient quantities to justify
completion as an oil or natural gas well.
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.
Exploratory well. A well drilled to find and a new field or to find a new reservoir in a field previously found to be productive of
oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, an extension well, a service
well, or a stratigraphic test well.
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.
Gross 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.
Mcf. One thousand cubic feet.
Mcfe. One thousand cubic feet equivalent, determined using the ratio of approximately six Mcf of natural gas to one Bbl of
crude oil or other hydrocarbon.
MMBbls. One million barrels of crude oil or other liquid hydrocarbons.
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.
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