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The following are abbreviations and definitions of terms commonly used in the oil and gas
industry and this website.
Asset intensity
Bbl
Barrel(s) of oil. One barrel of oil is the energy equivalent of six Mcf of natural gas.
Bcf
Bcfe
Boe
CAPEX
Capital expenditures.
Capital efficiency
Computed by dividing current year EBITDA, adjusted to exclude unrealized gains and
losses on derivatives, by current year production and diving the quotient by the 3-year
average F&D cost/Mcfe.
CIG
Completion
A well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic
horizon known to be productive.
Dry hole
EBITDA
Exit rate
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.
As to any period, the increases to proved reserves from all sources other than the
acquisition of proved properties or revisions of previous estimates.
Farm-out
Transfer of all or part of the operating rights from a working interest owner to an assignee,
who assumes all or some of the burden of development in return for an interest in the
property. The assignor usually retains an overriding royalty but may retain any type of
interest.
Horizontal drilling
A drilling technique that permits the operator to contact and intersect a larger portion of the
producing horizon than conventional vertical drilling techniques and may, depending on the
horizon, result in increased production rates and greater ultimate recoveries of
hydrocarbons.
Joint Interest Billing or JIB
Process of distributing the costs related to well completions and operations among working
interest partners.
MBbl
MBoe
Mcf
Mcfe
MMBbl
MMBoe
MMcf
MMcfe
Hydrocarbons which can be extracted from wet natural gas and become liquid under
various combinations of increasing pressure and lower temperature. NGLs consist primarily
of ethane, propane, butane, and natural gasolines.
Net production
Natural gas and oil production that we own, less royalties and production due others.
NYMEX
Operator
The individual or company responsible for the exploration, development and/or production
of an oil or gas well or lease.
Peer group
Consists of Bill Barrett Corporation (NYSE: BBG), Carrizo Oil & Gas (NASDAQ:
CRZO), Goodrich Petroleum Corporation (NYSE: GDP), Magnum Hunter Resources Corp.
(NYSE: MHR), PetroQuest Energy Inc. (NYSE: PQ), PetroQuest Energy Inc. (NYSE: PQ),
Penn Virginia Corporation (NYSE: PVA), Rex Energy Corporation (NASDAQ: REXX),
and Rosetta Resources Inc. (NASDAQ: ROSE).
PEPL
Reserves that consist of (i) proved reserves from wells which have been completed and
tested but are not producing due to lack of market or minor completion problems which are
expected to be corrected and (ii) proved reserves currently behind the pipe in existing wells
and which are expected to be productive due to both the well log characteristics and
analogous production in the immediate vicinity of the wells.
Proved developed producing reserves
Proved reserves that can be expected to be recovered from currently producing zones under
the continuation of present operating methods.
Proved reserves
Those quantities of oil and gas, which, by analysis of geoscience and engineering data, can
be estimated with reasonable certainty to be economically producible - from a given date
forward, from known reservoirs, and under existing conditions, operating methods, and
government regulations prior to the time at which contracts providing the right to operate
expire, unless evidence indicates that renewal is reasonable certain, regardless of whether
deterministic or probabilistic methods are used for the estimation.
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.
Recompletion
A recompletion occurs when we reenter a well to complete (i.e., perforate) a new formation
different from that in which a well has previously been completed.
Refrac or refracture
A refrac is when we stimulate the present producing zone of a well to increase production,
using hydraulic, acid, gravel, etc. fracture techniques.
Reserve replacement
Calculated by dividing the sum of reserve additions from all sources (revisions, extensions,
discoveries and other additions and acquisitions) by the actual production for the
corresponding period. We use the reserve replacement ratio as an indicator of our ability to
replenish annual production volumes and grow our reserves, thereby providing some
information on the sources of future production. It should be noted that the reserve
replacement ratio is a statistical indicator that has limitations. As an annual measure, the
ratio is limited because it typically varies widely based on the extent and timing of new
discoveries and property acquisitions. Its predictive and comparative value is also limited
for the same reasons. In addition, since the ratio does not imbed the cost or timing of future
production of new reserves, it cannot be used as a measure of value creation.
Reserves
Estimated remaining quantities of oil and gas and related substances anticipated to be
economically producible, as of a given date, by application of development projects to
known accumulations. In addition, there must exist, or there must be a reasonable
expectation that there will exist, the legal right to produce or a revenue interest in the
production, installed means of delivering oil and gas or related substance to market, and all
permits and financing required to implement the project.
Royalty
An interest in an natural gas and oil lease that gives the owner of the interest the right to
receive a portion of the production from the leased acreage (or of the proceeds of the sale
thereof), but generally does not require the owner to pay any portion of the costs of drilling
or operating the wells on the leased acreage. Royalties may be either landowners royalties,
which are reserved by the owner of the leased acreage at the time the lease is granted, or
overriding royalties, which are usually reserved by an owner of the leasehold in connection
with a transfer to a subsequent owner.
SEC PV-10
The present value of proved reserves based on 12-month average commodity prices,
discounted at a rate of 10% per annum.
Trunk Line
A pipeline for the transportation of oil or natural gas from producing areas to refineries or
terminals.
Undeveloped acreage
Leased 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.
Wellbore
A physical hole that makes up the well, and can be cased, open or a combination of both.
Working interest
An interest in an natural gas and oil lease that gives the owner of the interest the right to
drill for and produce natural gas and oil on the leased acreage and requires the owner to pay
a share of the costs of drilling and production operations. The share of production to which
a working interest is entitled will be smaller than the share of costs that the working interest
owner is required to bear to the extent of any royalty burden.
Workover