Oil empleo Gas trabajo|petroleo|Gas


Bbl	gallons liquid volume, used in reference to oil or other liquid hydrocarbons
Bcf	One billion cubic feet of natural gas measured at standard atmospheric conditions
Bcfe	One billion cubic feet equivalent of natural gas, calculated by converting oil to equivalent Mcf at a ratio of 6 Mcf to 1 Bbl of oil
Completion	The installation of permanent equipment for the production of oil or natural gas
Developed Acreage	The number of acres which are allocated or assignable to producing wells or wells capable of production
Exploitation	The continuing development of a known producing formation in a previously discovered field To maximize the ultimate recovery of oil or natural gas from the field by development wells, secondary recovery equipment or other suitable processes and technology
Exploration	The search for natural accumulations of oil and natural gas by any geological, geophysical or other suitable means
Farmout or Farmin	An agreement where the owner of a working interest in an oil and gas lease assigns the working interest or a portion thereof to another party who desires to drill on the leased acreage Generally, the assignee is required to drill one or more wells in order to earn its interest in the acreage The assignor usually retains a royalty or reversionary interest in the lease The interest received by an assignee is a farmin while the interest transferred by the assignor is a farmout
Fracturing	The technique of improving production or injection rates of a well by pumping a mixture of fluids into the formation and rupturing the rock, creating an artificial channel As part of this technique, sand or other material may also be injected into the formation to keep the channel open, so that fluids or gases may flow more easily through the formation
Gross Acres	The total acres in which we have a working interest
Gross Wells	The total number of producing wells in which we own any amount of working interest
Horizontal Drilling	A drilling operation in which a portion of the well is drilled horizontally within a productive or potentially productive formation This operation usually yields a well which has the ability to produce higher volumes than a vertical well drilled in the same formation
Injection Well or Injector	A well which is used to place liquids or gases into the producing zone during secondary/tertiary recovery operations to assist in maintaining reservoir pressure and enhancing recoveries from the field
Intangible Drilling Costs	Expenditures made for wages, fuel, repairs, hauling and supplies necessary for the drilling or recompletion of an oil or gas well and the preparation of such well for the production of oil or gas, but without any salvage value These expenditures are generally accepted in the oil and gas industry as being currently deductible for federal income tax purposes Examples of such costs include: ground clearing, drainage construction, location work, road making, temporary roads and ponds, surveying and geological works; drilling, completion, logging, cementing, acidizing, perforating and fracturing of wells; hauling mud and water, perforating, swabbing, supervision and overhead; renting horizontal tools, milling tools and bits; and construction of derricks, pipelines and other physical structures necessary for the drilling or preparation of the wells
Lease	An instrument which grants to another (the lessee) the exclusive right to explore for, drill for, produce, store and remove oil and natural gas on the mineral interest, in consideration for which the lessor is entitled to certain rents and royalties payable under the terms of the lease Typically, the duration of the lessee’s authorization is for a stated term of years and “for so long thereafter” as minerals are producing
Mbbl	One thousand barrels of oil or other liquid hydrocarbons
Mcf	One thousand cubic feet of natural gas measured at standard atmospheric conditions
Mcfe	One thousand cubic feet equivalent of natural gas, calculated by converting oil to equivalent Mcf at a ratio of 6 Mcf to 1 Bbl of oil
Mmbbl	One million barrels of oil or other liquid hydrocarbons
Mmcf	One million cubic feet of natural gas measured at standard atmospheric conditions
Mmcfe	One million cubic feet equivalent of natural gas, calculated by converting oil to equivalent Mcf at a ratio of 6 Mcf to 1 Bbl of oil
Net Acres	Gross acres multiplied by the percentage working interest owned by Warren
Net Production	Production that is owned by Warren less royalties and production due others
Net Wells	The sum of all the complete and partial well ownership interests (ie, , if we own 25% percent of the working interest in eight producing wells, the subtotal of this interest to the total net producing well count would be two net producing wells)
NYMEX	New York Mercantile Exchange
Operator	The individual or company responsible for the exploration, exploitation and production of an oil or natural gas well or lease
Permeability	The capacity of a geologic formation to allow water, natural gas or oil to pass through it
Porosity	The ratio of the volume of all the pore spaces in a geologic formation to the volume of the whole formation
PV	10 Value The present value of estimated future revenues to be generated from the production of proved reserves calculated in accordance with SEC guidelines, net of estimated lease operating expense, production taxes and future development costs, using prices and costs as of the date of estimation without future escalation, without giving effect to non property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization or Federal income taxes and discounted using an annual discount rate of 10%
Royalty	An interest in an oil and natural gas 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 landowner’s 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
Secondary Recovery	An artificial method or process used to restore or increase production from a reservoir after the primary production by the natural producing mechanism and the reservoir pressure has experienced partial depletion Gas injection and waterflooding are examples of this technique
Tangible Drilling Costs	Expenditures necessary to develop oil or gas wells, including acquisition, transportation and storage costs, which typically are capitalized and depreciated for federal income tax purposes Examples of such expenditures include:well casings; wellhead equipment; water disposal facilities; metering equipment; pumps; gathering lines and storage tanks
Waterflood	A secondary recovery operation in which water is injected into the producing formation in order to maintain reservoir pressure and force oil towards the producing wells
Working Interest	An interest in an oil and natural gas lease that gives the owner of the interest the right to drill for and produce oil and natural gas on the leased acreage and requires the owner to pay a share of the costs of drilling and production operations

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