Over-pressured
reservoirs. Reservoirs subject to abnormally
high pressure as a result of certain types of subsurface formations.
Petrophysical
study. Study of rock and fluid properties
based on well log and core analysis.
Present
value. When used with respect to oil
and natural gas reserves, the estimated future gross revenue to
be generated from the production of proved reserves, net of estimated
production and future development costs, using prices and costs
in effect as of the date indicated, without giving effect to nonproperty-related
expenses such as general and administrative expenses, debt service
and future income tax expense or to depreciation, depletion and
amortization, discounted using an annual discount rate of 10%.
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 exceed production expenses and
taxes.
Proved
developed nonproducing reserves. Proved
developed reserves expected to be recovered from zones behind casing
in existing wells.
Proved
developed producing reserves. Proved
developed reserves that are expected to be recovered from completion
intervals currently open in existing wells and able to produce to
market.
Proved
developed reserves. Proved reserves
that can be expected to be recovered from existing wells with existing
equipment and operating methods.
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.
Proved
undeveloped location. A site on which
a development well can be drilled consistent with spacing rules
for purposes of recovering proved undeveloped reserves.
Proved
undeveloped reserves. 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.
PV-10 Value.
The present value of estimated future revenues
to be generated from the production of proved reserves calculated
in accordance with Securities and Exchange Commission guidelines,
net of estimated production and future development costs, using
prices and costs as of the date of estimation without future escalation,
without giving effect to nonproperty related expenses such as general
and administrative expenses, debt service, future income tax expense
and depreciation, depletion and amortization, and discounted using
an annual discount rate of 10%.
Recompletion.
The completion for production of an existing
well bore in another formation from that in which the well has been
previously completed.
Reservoir.
A porous and permeable underground formation
containing a natural accumulation of producible oil and/or gas that
is confined by impermeable rock or water barriers and is individual
and separate from other reservoirs.
Royalty
interest. An interest in an oil and
natural gas property entitling the owner to a share of oil or natural
gas production free of costs of production.
3-D seismic
data. Three-dimensional pictures of
the subsurface created by collecting and measuring the intensity
and timing of sound waves transmitted into the earth as they reflect
back to the surface.
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 oil and natural gas regardless
of whether such acreage contains proved reserves.
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.
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