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Acre-Feet – Unit of volume; one acre of producing formation one foot thick. One acre foot equals 7,758 barrels, 325,829 gallons or 43,560 cubic feet. Bbl. – One stock tank barrel, or 42 U.S. gallons liquid volume, used herein in reference to crude oil or other liquid hydrocarbons. Bcf. – Billion cubic feet of natural gas. Bcfe. – Billion cubic feet of natural gas equivalent. BOPD – The abbreviation for barrels of oil per day. BTU , British Thermal Unit(s) – The amount of heat required to raise the temperature of one pound of water one degree Fahrenheit under standard conditions of pressure and temperature. Casing – Pipe cemented in the well to seal off formation fluids or keep the hole from caving in. Christmas tree – The system of pipes, valves, gauges and related equipment that is located on the well at ground level and that controls the flow of gas and other petroleum products produced from the well. Commingled Well – A well producing oil from two or more formations through common well casing and a single tubing string. Development Well – A well drilled to a known producing formation in a previously discovered field. Discovery Well – The first oil or gas well drilled in a new field. The discovery well is the well that is drilled to reveal the actual presence of a petroleum-bearing reservoir, Subsequent wells are development wells. Disposal Well – A Well used for the disposal of saltwater into an underground formation. Dry Hole – Dry Well. A well found to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. Exploratory Well – Any well drilled for the purpose of securing geological or geophysical information to be used in the exploration or development of oil, gas, geothermal, or other mineral resources, except coal and uranium, and includes what is commonly referred to in the industry as “slim hole tests,” “core hole tests,” or “seismic holes”. Finding Costs – The capital costs associated with finding and developing oil and gas reserves. Formation – An identifiable single geologic horizon. A ‘formation’ or ‘zone’ is a pool or opening in the Earth’s crust which harbours oil, these formations can range in all manner of height and porosity. Fracturing (Frac) – High pressure or explosive method of fracturing rock formations. Fracture stimulation – Action taken to increase the inherent productivity of a prospective formation through the hydraulic injection of water, diesel, or CO2 at high pressures and high rates.
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