| |
|
| boe |
Barrel of oil equivalent,
determined on the basis that 6,000 cubic metric feet (mcf) of natural
gas is equivalent to one barrel of oil. |
| Crown Royalty |
The government’s share of a property’s
production irrespective of any cost of production. |
| Established Reserves |
Reserves defined as proven reserves plus
50% of probable reserves. |
| Netback |
The amount received from the sale of a
barrel of oil or barrel of oil equivalent after deduction of operating
costs and royalty payments. |
| Net production |
The working interest share of gross production.
|
| Probable reserves |
Those reserves that analysis suggests
exist and whose future recovery, under current technology, is highly
likely. |
| Proved reserves |
Those reserves estimated as recoverable
with a high degree of certainty under current technology and existing
economic conditions. |
| Working interest |
The interest in a lease that carries with
it the rights and obligations to develop and operate an oil or natural
gas property. |
