Asset
An asset is a thing of value. For the E&P business and asset can be defined as a well, the production from the well, or the equipment used at the well.
Community
In the case of our website, community involves the participants –operators, producers, contractors, service providers, capital providers, landowners, non-operators, vendors – in the Oil and Gas Industry that have a common interest in the E&P market.
Daily Drilling Report (DDR)
A report made by the tool pusher or company man on the last 24 hours of activity on a drilling rig such a footage drilled and supplies used.
Data Acquisition
Data Acquisition is the collection of readings from a measurement instrument or time device and of written situation descriptions from personnel.
Deal
A deal is an opportunity that is presented to buy or sell an existing proven project.
Grid
A grid refers to a framework of data acquisition, collection, communication, processing, and reporting points. Each point is connected via the internet and data accessible between points.
Morning Report (Gas)
A Morning Report is very complex and implies more of an application view than it does a report. The Morning Report requires that unique meter information and grouped daily volume summary are all in the same report.
Operator
The company who a) contracts to drill a well, b) is responsible for maintaining a producing lease or c) is in charge of operations in a working interest area.
Prospect
A prospect is a location where both geological and economic conditions favor drilling a well.
Possible Reserves
Possible Reserves are having a chance of being developed under favorable circumstances". Some Industry specialists refer to this as P10, i.e., ideally having a 10% certainty of being produced in the foreseeable future.
Probable Reserves
Probable Reserves are defined as oil and gas "Reasonably Probable" of being produced using current or likely technology at current prices, with current commercial terms and government consent.
Proven Reserves
Proven Reserves are defined as oil and gas "Reasonably Certain" to be producible using current technology at current prices, with current commercial terms and government consent, also known in the industry as 1P.
Report
Reports are what you use to summarize and present data in the tables. A report answers a specific question, such as "How much volume did well 985 produce this year?" A report can be run at any time, and will always reflect the current data in the database. Reports are generally formatted to be printed out, but they can also be viewed on the screen, exported to another program, or sent as e-mail message.
SAAS
Software as a Service, SAAS is a software application delivery model where a software vendor develops a web-native software application and hosts and operates (either independently or through a third-party) the application for use by its customers over the Internet. Customers do not pay for owning the software itself but rather for using it. They use it through an API accessible over the Web and often written using Web Services.
Service Provider
A Service Provider is a company that supplies services such as logging or mud engineering.
Transaction
Transaction is the buying or selling of an asset or an interest in an asset.
Well Information System
A well information system is a set of software applications that provide the information necessary to manage an E&P organization effectively. The information it generates are generally considered essential components of prudent and reasonable business decisions. There is a defined framework of guidelines, policies or practices, standards, and procedures for the organization to sustain the well information system. A well information system achieves the following goals: