Accredited Investor

An individual or entity meeting SEC financial requirements for participation in certain private investment opportunities.

Barrel

A standard unit of oil measurement equal to 42 U.S. gallons.

Crude Oil

Naturally occurring liquid hydrocarbons produced from underground reservoirs.

Depletion Allowance

A tax deduction associated with the production of natural resources.

Drilling Program

A planned series of development activities associated with oil and gas wells.

Horizontal Well

A well drilled vertically and then laterally through the producing formation.

IDC

Intangible Drilling Costs that may qualify for favorable tax treatment.

K-1

A tax reporting document commonly issued to investors in partnerships and certain investment structures.

MWD

Measurement While Drilling technology used to guide drilling operations.

PDP

Proved Developed Producing reserves currently producing oil or gas.

PUD

Proved Undeveloped reserves expected to be developed in the future.

Reserve

Estimated recoverable oil or gas contained within a reservoir.

Royalties

Payments made to mineral owners based on production.

Working Interest

Direct ownership participation in an oil and gas project.

Well Completion

The process of preparing a drilled well for production.

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