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bbl barrel   mmcf million cubic feet
bcf billion cubic feet   mmcf/d million cubic feet per day
boe barrels of oil equivalent   mstb thousand stock tank barrels
boe/d barrels of oil equivalent per day   ARTC Alberta Royalty Tax Credit
bbl/d barrels per day   NGL natural gas liquids
mbbl thousand barrels   RLI reserve life index (in years)
mboe thousand barrels of oil equivalent   WTI West Texas Intermediate
mcf thousand cubic feet  
mcf/d thousand cubic feet per day  
mmbbl million barrels  
mmboe million barrels of oil equivalent  
Glossary Of Terms 
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.
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