دیکشنری تخصصی مهندسی نفت - نسخه آنلاین

land leased for drilling exploration.

n: acreage owned in the vicinity of a test well being drilled by another party and contributed to the driller of the well in return for information obtained from its drilling. The assignment of information is usually made on completion of the well.

n: when several producers, either voluntarily or by state regulation, pool acreages to form a unit." They may cross-assign their leases to one another, creating a common obligation to each royalty owner.

n: a lease or a number of leases of adjoining tracts of land that constitute a unit of acreage sufficient to justify the expense of drilling a wildcat.

n: the lease used for oil finding in early drilling

n: the acreage allocated to a well when a regulatory agency grants a well permit.

n: the general designation of the machinery and equipment used in drilling

n: an agreement whereby the owner of a lease who does not wish to drill at the time agrees to assign the leasehold interest, or some part of it, to a third party who does wish to drill, conditional on the third partys drilling a well within the expiration date of the primary term of the lease. The assignment may include the entire interest together with dry hole money, or partial interest or entire interest with or without an override. If an override is retained, the owner of the lease may retain an option to convert such overriding royalty retained to an agreed-upon working interest. A farmout is distinguished from a joint operating agreement by the fact that the partner farming out does not incur any of the drilling costs. The primary characteristic of a farmout is the obligation of the third party to drill one or more wells on the farmout acreage as a condition prerequisite to completion of the transfer of title to such third party.

a term that expresses the producability of a part of the reservoir for purposes of comparing one producing area to another.

n: a clause in an oil or gas lease that excludes, or releases, nonproducing acreage from the lease at the end of a specified period.

the total of the company’s fractional interest in the gross acreage position.

n: a clause in an oil and gas lease that releases nonproducing acreage (horizontal release) or zones (vertical release) at the end of the primary term or some other specified period. Under the clause, unproductive or untested zones and acreage that are outside a producing pooled unit must be released if drilling or exploration does not occur by the end of the specified time. Also called a Freestone rider.