‘‘MBbl’’ . . . . . . . . . . . . . . . . . . . . . .
Thousand barrels of oil.
‘‘Mcf’’ . . . . . . . . . . . . . . . . . . . . . . .
Thousand cubic feet of natural gas.
‘‘Mcfpd’’ . . . . . . . . . . . . . . . . . . . . . .
Thousand cubic feet per day of natural gas.
‘‘MMBbl’’ . . . . . . . . . . . . . . . . . . . . .
Million barrels of oil.
‘‘MMBoe’’ . . . . . . . . . . . . . . . . . . . . .
Million barrels of oil equivalent.
‘‘MMcf’’ . . . . . . . . . . . . . . . . . . . . . .
Million cubic feet of natural gas.
‘‘Natural gas liquid’’ or ‘‘NGL’’ . . . . . .
Components of natural gas that are separated from the gas
state in the form of liquids. These include propane, butane,
and ethane, among others.
‘‘Petroleum contract’’ . . . . . . . . . . . . .
A contract in which the owner of hydrocarbons gives an E&P
company temporary and limited rights, including an exclusive
option to explore for, develop, and produce hydrocarbons
from the lease area.
‘‘Petroleum system’’ . . . . . . . . . . . . . .
A petroleum system consists of organic material that has been
buried at a sufficient depth to allow adequate temperature
and pressure to expel hydrocarbons and cause the movement
of oil and natural gas from the area in which it was formed to
a reservoir rock where it can accumulate.
‘‘Plan of development’’ or ‘‘PoD’’ . . . .
A written document outlining the steps to be undertaken to
develop a field.
‘‘Productive 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.
‘‘Prospect(s)’’ . . . . . . . . . . . . . . . . . .
A potential trap that may contain hydrocarbons and is
supported by the necessary amount and quality of geologic
and geophysical data to indicate a probability of oil and/or
natural gas accumulation ready to be drilled. The five required
elements (generation, migration, reservoir, seal and trap) must
be present for a prospect to work and if any of them fail
neither oil nor natural gas will be present, at least not in
commercial volumes.
‘‘Proved reserves’’ . . . . . . . . . . . . . . . .
Estimated quantities of crude oil, natural gas and natural gas
liquids that geological and engineering data demonstrate with
reasonable certainty to be economically recoverable in future
years from known reservoirs under existing economic and
operating conditions, as well as additional reserves expected to
be obtained through confirmed improved recovery techniques,
as defined in SEC Regulation S-X 4-10(a)(2).
‘‘Proved developed reserves’’ . . . . . . . .
Proved developed reserves are those proved reserves that can
be expected to be recovered through existing wells and
facilities and by existing operating me F