What are the common oil and gas abbreviations/terms?

Q:

What are the common oil and gas abbreviations/terms?

A:

Bbl. Barrel.

Bbl/d. One Bbl per day.

BBtu. Billion British thermal units.

Bcf. Billion cubic feet of natural gas.

Bcfe. Billion cubic feet of natural gas equivalents, with one barrel of NGLs and crude oil being equivalent to 6,000 cubic feet of natural gas.

Btu or British Thermal Unit. A measure of energy required to raise the temperature of one pound of water by one degree Fahrenheit.

Developed acreage. The number of acres that are allocated or assignable to productive wells or wells capable of production.

Development well. A well drilled into a proved area of a natural gas or oil reservoir to the depth of a stratigraphic horizon known to be productive.

Dth. Million British thermal units.

Dry hole. A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.

Exploratory well. A well drilled to find a new field or to find a new reservoir in a field previously found to be productive of natural gas or oil in another reservoir.

Feet of pay. Footage penetrated by the drill bit into the target formulation.

Gross acres or gross wells. The total acres or wells, as the case may be, in which the Company has a working interest.

MBbls. Thousand barrels of crude oil or other liquid hydrocarbons.

Mcf. Thousand cubic feet of natural gas.

Mcfe. Thousand cubic feet of natural gas equivalents, with one barrel of NGLs and crude oil being equivalent to 6,000 cubic feet of natural gas.

MMBls. Million barrels of crude oil or other liquid hydrocarbons.

MMBtu. Million British thermal units.

MMcf. Million cubic feet of natural gas.

MMcfe. Million cubic feet of natural gas equivalents, with one barrel of NGLs and crude oil being equivalent to 6,000 cubic feet of natural gas.

MMcf/d. One MMcf per day.

Net acres or net wells. The sum of the fractional working interests owned by the Company in gross acres or wells, as the case may be.

NGLs. Natural gas liquids. Those hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, absorption or other methods in gas processing plants. Natural gas liquids include primarily propane, butane, and iso-butane.

Play. A proven geological formation that contains commercial amounts of hydrocarbons.

Proved developed reserves (PDP). Proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.

Proved reserves. The estimated quantities of oil, natural gas and NGLs which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.

Proved undeveloped reserves (PUD). Proved reserves that are expected with resonable certainty to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.

Reservoir. A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

TBtu. Trillion British thermal units.

Tcfe. Trillion cubic feet of natural gas equivalents, with one barrel of NGLs and crude oil being equivalent to 6,000 cubic feet of natural gas.

Throughput. The volume of natural gas transported or passing through a pipeline, plant, terminal, or other facility during a particular period.

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 gas. The volume of natural gas in the storage reservoir that can be extracted during the normal operation of the storage facility.

Working interest. An interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of any production.

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