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Definitions (29)

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tight formation


A petroleum- or water-bearing formation of relatively low porosity and permeability.
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vitrinite reflectance


is used for determining the thermal maturity of the shale.  Vitrinite reflectance is sensitive to temperatures that correlate to hydrocarbon generation (60 to 120 degrees C).  Generally, onset of oil [..]
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boe


Barrels of Oil Equivalent – is a method of equating the energy produced by a hydrocarbon gas to a standard oil measurement. one barrel of oil has about the same heat producing capacity as 6,000 ft3 of [..]
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bopd


Barrels of oil produced per day.
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bonus


The amount of money paid to a mineral owner up front upon the signing of a lease. This is typically a one time payment for a lease agreement, however this lease component can be negotiable in value an [..]
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blowout


an uncontrolled flow of gas, oil, or other well fluids into the atmosphere or into an underground formation. a blowout, or gusher, can occur when formation pressure exceeds the pressure applied to it [..]
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chalk


a soft, white, powdery limestone consisting chiefly of fossil shells of foraminifers.
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commitment letter


A letter from an oil or land company that typically offers a mineral owner a specified bonus amount, royalty rate percentage, and a lease term for their minerals. Signing this letter commits the miner [..]
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hydralic fracturing


An operation in which a specially blended liquid is pumped down a well and into a formation under pressure high enough to cause the formation to crack open, forming passages through which oil can flow [..]
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lease term


The term of the lease, usually in years. 5 year terms are industry standard, however these terms are negotiable.
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