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A small-scale test project used to assess the viability of a concept prior to committing significant capital to a large-scale project.

Total production before deducting royalties.

A method of increasing oil recoveries from an existing reservoir. Water is injected through a special “water injection well” into an oil producing formation to force additional oil out of the reservoi [..]

A viscous, tar-like oil that requires non-conventional production methods such as mining or steam-assisted gravity drainage.

Refers to a contiguous leasehold position. In federal offshore waters, a block is typically 5,000 acres.

A measure of heat value. An Mcf of natural gas is roughly equal to one million Btu.

In offshore areas, water depths of greater than 600 feet.

A well drilled just outside the proved area of an oil or gas reservoir in an attempt to extend the known boundaries of the reservoir.

A well drilled within the area of an oil or gas reservoir known to be productive. Development wells are relatively low risk.