Author: bomuo

Term used to define when a party farms into a project as per the terms defined in an agreement, and normally entails the farm-in party paying his pro-rata past costs as well as his future expenses. Alternatively, under a ground floor arrangement the farm-in party may only have to pay his pro-rata future expenses and all past costs will be borne solely by the farmor

The total acres or wells, as the case may be, in which a working interest is owned.

Joint ventures in an oil and gas production project look at the number of wells in terms of gross wells and net wells. A gross well is a well in which a working interest is owned. The number of gross wells is the total number of wells in which a working interest is owned

amount of rock in the trap above the hydrocarbon water contact

Means gross proved reserves plus gross probable reserves