After Payout

Barrel or Barrels (A Barrel is 42 U.S. gallons)

Barrels of oil for all production in equivalent volumes

Back In After Payout

​Barrels of Oil per Day (BOPD) - refers to the amount of barrels of oil that are produced by a well in a given day.

​Billion Cubic Feet of Gas

​Barrels per Million Cubic Feet of Gas

Barrels of Condensate (liquid hydrocarbons separated from gas)

Barrels of Condensate per Day (Condensate is a high gravity crude oil generally associated with gas wells)

Bottom Hole Pressure

Bottom Hole Shut-In Pressure

British Thermal Unit—The amount of heat required to raise the temperature of one pound of water one degree Fahrenheit under standard conditions of pressure and temperature.

Casing Pipe cemented in the well to seal off formation fluids or keep the hole from caving in.

Gas found naturally in oil and produced with the oil

The system of pipes, valves, gauges and related equipment that is located on the well at ground level and that controls the flow of gas and other petroleum products produced from the well.

As a unit of volume, 1.728 cubic inches; As applied to water, 7.48 gallons; As applied to natural gas, the volume of gas which, when saturated with water vapor at 60F and at the pressure of 30 inches of mercury occupies one cubic foot of volume.

​Cast Iron Bridge Plug

​A well drilled to a known producing formation in a previously discovered field.

The first oil or gas well drilled in a new field to reveal the actual presence of a petroleum-bearing reservoir.

Well used for disposal of saltwater into an underground formation.

​Any well drilled for the purposes of securing geological or geophysical information to be used in the exploration or development of oil, gas, geothermal, or other mineral except coal and uranium.resources.

Area of oil and gas production with at least one common reservoir for the entire area.

​A separate layer of rock or group of intermingled beds.

​Formation Test

Flowing Pressure

Flowing Tubing Pressure

Flowing Bottom Hole Pressure

High pressure or explosive method of fracturing rock formation.

Held By Production

A well which is not vertically drilled as defined in TRC rules.

​Initial Bottom Hole Flowing Pressure

Intangible Drilling Cost (encompasses all costs that are not tangible, i.e. pipe, tanks & other physical equipment.

​Internal Rate of Return—is the interest rate at which the net present value of all the cash flows (both positive and negative) from a project equal to zero. See PV10.

​Initial Shut-in Pressure

​Kelly Bushing—Drilling rig equipment that fits inside the rotary table and is also used as a reference point on logs to calculate depth.

​Lease Operating Expense (LOE) - The overall costs of maintaining and operating the equipment and property on a producing oil and gas lease.

​Thousand Cubic Feet—Gas is sold on an Mcf basis; The price of gas is quoted "Per Mcf"

Drilling fluid used to lubricate the drill string, line the walls of the well

​Million Cubic Feet

​Million Cubic Feet of Gas—Cumulative production of gas from a well is generally stated MMcf if production is less than a Bcf (Billion Cubic Feet). Sometimes, however, it is stated a percentage of Billion Cubic Feet. For example; .575 Bcf is the same as: 575 MMcf or even possibly 575,000 Mcf.)

Thousand Cubic Feet of Gas Per Day

​Natural Gas Liquids

​Plugged back total depth

​Proved Developed Producing

​Proved Undeveloped

​Holes through casing and cement into the productive formation.

Ability of rock to transmit fluids through pore spaces.

Hole dug next to drill site for temporary storage of fluids during drilling operations.

Percentage of the rock volume that can be occupied by oil, gas, etc

Pounds per Square Inch—term measuring pressure on a 1" area.

Plugged and Abandoned—seal off formations to isolate fluids.

Rate of Return—See IRR above.

​Outer casing cemented in upper portion of wellbore to protect fresh water formations from contamination.

Tanks for oil storage before delivery to a refinery.

Total Depth of well

​A well drilled to discover a new field or reservoir.

​Interval of subsurface formation.