BOE.
One stock tank barrel equivalent of oil, calculated by converting gas volumes to equivalent oil
barrels at a ratio of 6 Mcf to 1 Bbl of oil.
BOPD.
Barrels of oil per day.
Btu.
British thermal unit. One British thermal unit is the amount of heat required to raise the
temperature of one pound of water by one degree Fahrenheit.
Deterministic estimate.
The method of estimating reserves or resources is called deterministic when
a single value for each parameter (from the geoscience, engineering or economic data) in the reserves
calculation is used in the reserves estimation procedure.
Developed oil and gas reserves.
Developed oil and gas reserves are 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 development project is the means 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 gas reservoir to the depth of a
stratigraphic horizon known to be productive.
Differential.
An adjustment to the price of oil or gas from an established spot market price to reflect
differences in the quality and/or location of oil or gas.
Economically producible.
The term economically producible, as it relates to a resource, means a
resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the
operation. The value of the products that generate revenue shall be determined at the terminal point of
oil and gas producing activities.
Estimated ultimate recovery.
Estimated ultimate recovery is the sum of reserves remaining as of a
given date and cumulative production as of that date.
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 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.
Extension well.
An extension well is a well drilled to extend the limits of a known reservoir.
Gas.
Natural gas.
ICE.
IntercontinentalExchange.
MBbl.
One thousand barrels of oil or other liquid hydrocarbons.
MBOE.
One thousand BOE.
Mcf.
One thousand cubic feet of gas.
MMcfe
. One million cubic feet of gas equivalent.
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