Useful Terms

Following abbreviations and definitions of terms are commonly used in the oil and gas industry.

“Bbl” means a barrel of 42 U.S. gallons of oil. (158.9873 Liters)

“Bcf” means billion cubic feet of natural gas.

“Bcfe” means billion cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas  liquids.

“BOE” means barrels of oil equivalent.

“Gross,” when used with respect to acres or wells, refers to the total acres or wells in which a company, individual, trust, or foundation has a working interest.

“MBbls” means thousand barrels of oil.

“Mcf” means thousand cubic feet of natural gas.

“Mcfe” means 1,000 cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.

“MMBbls” means million barrels of oil.

“MMBOE” means million barrels of oil equivalent.

“MMcf” means million cubic feet of natural gas.

“b/tons” (abbreviation barrels/ton) There are 7.3 barrels in one ton of oil.

“1 liter of oil” 0.82kg to 0.86kg depends on gravity of the oil, expressed in degrees API.

“MMcfe” means million cubic feet of gas equivalent, determined using the ratio of 6 Mcf of natural gas to 1 Bbl of crude oil, condensate or natural gas liquids.

“Net,” when used with respect to acres or wells, refers to gross acres of wells multiplied, in each case, by the percentage working interest owned by a company, individual, trust, or foundation.

“Net production” means production that is owned by a company, individual, trust, or foundation, less royalties and production due others.