| Bbl(s) |
Barrel(s) of oil |
| BOE |
Barrels of oil equivalent |
| boepd |
Barrels of oil equivalent per day |
| bopd |
Barrels of oil per day |
| bcf |
One billion cubic feet of gas |
| bcfe |
One billion cubic feet of gas equivalent |
| Farm-In |
A "farm-in" occurs when a leasehold interest in an oil & gas property, along with the burden of developing the property, is transferred from one working interest owner to another and the transferee agrees to assume the development burden in return for the leasehold interest in the property. The transferor will usually retain some type of interest in the property, normally an overriding royalty interest. |
| JAA |
Joint Activity Agreement |
| JV |
Joint Venture |
| Mbbl |
One thousand barrels of oil |
| Mbopd |
One thousand barrels of oil per day |
| MBOE |
One thousand barrels of oil equivalent |
| Mcf |
One thousand cubic feet of gas |
| Mcfpd |
One thousand cubic feet of gas per day |
| MMbbl |
One million barrels of oil |
| MMBOE |
One million barrels of oil equivalent |
| MMBOEpd |
One million barrels of oil equivalent per day |
| MMbopd |
One million barrels of oil per day |
| MMcf |
One million cubic feet of gas |
| MMcfepd |
One million cubic feet of gas equivalent per day |
| MMcfpd |
One million cubic feet of gas per day |
| NPI or Net Profit Interest |
The right and interest, expressed as a %, of the NPI owner to receive a share of the oil and gas produced (or the income attributable to such production) after satisfaction of all government extraction and licence related taxes and fees. |
| P1 |
Proven: Those oil or gas reserves considered to have at least a 90% chance of being recovered. |
| P2 |
Probable: Those oil or gas reserves considered to have at least a 50% chance of being recovered. |
| Tcf |
Trillion cubic feet of gas |
| WI or Working Interest |
The right and interest, expressed as a %, of the WI owner to participate in operations to explore for, develop and produce oil and gas reserves; and obligates such owner to meet its share of the costs and expenses of such exploration, development and production operations. |
| Workover |
The process of performing major maintenance or remedial treatment on an existing oil or gas well, which may include the removal and replacement of the production tubing string after production from the well has been stopped and a workover rig has been placed on location. |
