|
Bbl |
Barrel or barrels of oil. |
|
Bcf |
Billion cubic feet of natural gas. |
|
Bcfe |
Billion cubic feet of natural gas equivalent
(see Mcfe). |
|
BOE |
Barrels of oil equivalent. |
|
Development Well |
A well drilled within the presently proved
productive area of an oil or natural gas reservoir, as indicated by
reasonable interpretation of available data, with the objective of completing
in that reservoir. |
|
Discovery Cost |
With respect to proved reserves, a
three-year average (unless otherwise indicated) calculated by dividing total
incurred exploration and development costs (exclusive of future development
costs) by net reserves added during the period through extensions,
discoveries, and other additions. |
|
Dry Well |
An exploratory or development well that is
not a producing well. |
|
EBITDA |
EBITDA represents income before interest
expense, income tax, and depreciation, depletion and amortization (including
the write-down of oil and gas properties). We have reported EBITDA because we
believe EBITDA is a measure commonly reported and widely used by investors as
an indicator of a company's operating performance and ability to incur and
service debt. We believe EBITDA assists such investors in comparing a
company's performance on a consistent basis without regard to depreciation,
depletion and amortization, which can vary significantly depending upon
accounting methods or nonoperating factors such as historical cost. EBITDA is
not a calculation based on GAAP and should not be considered an alternative
to net income in measuring our performance or used as an exclusive measure of
cash flow because it does not consider the impact of working capital growth,
capital expenditures, debt principal reductions and other sources and uses of
cash which are disclosed in our Consolidated Statements of Cash flows.
Investors should carefully consider the specific items included in our
computation of EBITDA. While EBITDA has been disclosed on this website to permit
a more complete comparative analysis of our operating performance and debt
servicing ability relative to other companies, investors should be cautioned
that EBITDA as reported by us may not be comparable in all instances to
EBITDA as reported by other companies. EBITDA amounts may not be fully
available for management's discretionary use, due to certain requirements to
conserve funds for capital expenditures, debt service and other commitments. |
|
Exploratory Well |
A well drilled either in search of a new, as
yet undiscovered oil or natural gas reservoir or to greatly extend the known
limits of a previously discovered reservoir. |
|
Gigajoules |
A unit of energy equivalent to .95 Mcf of
1,000 Btu of natural gas. |
|
Gross |
An acre in which a working interest is
owned. The number of gross acres is the total number of acres in which a
working interest is owned. |
|
Gross Well |
A well in which a working interest is owned.
The number of gross wells is the total number of wells in which a working
interest is owned. |
|
MBbl |
Thousand barrels of oil. |
|
Mcf |
Thousand cubic feet of natural gas. |
|
Mcfe |
Thousand cubic feet of natural gas
equivalent, which is determined using the ratio of one barrel of oil,
condensate, or natural gas liquids to 6 Mcf of natural gas. |
|
MMBbl |
Million barrels of oil. |
|
MMBtu |
Million British thermal units, which is a
heating equivalent measure for natural gas and is an alternate measure of
natural gas reserves, as opposed to Mcf, which is strictly a measure of
natural gas volumes. Typically, prices quoted for natural gas are designated
as price per MMBtu, the same basis on which natural gas is contracted for
sale. |
|
MMcf |
Million cubic feet of natural gas. |
|
MMcfe |
Million cubic feet of natural gas equivalent
(see Mcfe). |
|
Net |
A net acre is deemed to exist when the sum
of fractional working interests owned in gross acres equals one. The number
of net acres is the sum of fractional working interests owned in gross acres
expressed as whole numbers and fractions thereof. |
|
Net Well |
A net well is deemed to exist when the sum
of fractional working interests owned in gross wells equals one. The number
of net wells is the sum of fractional working interests owned in gross wells
expressed as whole numbers and fractions thereof. |
|
NGL |
Natural gas liquid. |
|
Petajoules |
A unit of energy equivalent to .95 Bcf of
1,000 Btu of natural gas. |
|
Producing Well |
An exploratory or development well found to
be capable of producing either oil or natural gas in sufficient quantities to
justify completion as an oil or natural gas well. |
|
Proved Developed Oil and
Gas Reserves |
Reserves that can be expected to be
recovered through existing wells with existing equipment and operating
methods. |
|
Proved Oil and Gas
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, that is,
prices and costs as of the date the estimate is made. |
|
Proved Undeveloped (PUD)
Locations |
A location containing proved undeveloped
reserves. Proved undeveloped oil and gas reserves are 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. |
|
Proved Undeveloped Oil
and Gas Reserves |
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 estimated future net revenues to be
generated from the production of proved reserves discounted to present value
using an annual discount rate of 10%. These amounts are calculated net of
estimated production costs and future development costs, using prices and
costs in effect as of a certain date, without escalation and without giving
effect to non-property related expenses, such as general and administrative expenses,
debt service, future income tax expense, or depreciation, depletion, and
amortization. |
|
Reserves Replacement Cost
|
With respect to proved reserves, a
three-year average (unless otherwise indicated) calculated by dividing total
incurred acquisition, exploration, and development costs (exclusive of future
development costs) by net reserves added during the period. |
|
SFAS |
Statement of Financial Accounting Standards. |
|
TAWN |
|
|
Volumetric Production
Payment |
The 1992 agreement pursuant to which we
financed the purchase of certain oil and natural gas interests and committed
to deliver certain monthly quantities of natural gas. |
RELATED LINKS
http://www.applyoilandgasjob.com
http://www.applyoilandgasemployment.com
http://www.petroleumworkers.org
http://www.trabajadorpetrolero.org
http://www.trabalhadorpetroleiro.org