Oil And Gas Definitions, Lease, Mineral Interest

What Does BCF Stand for in the Oil and Gas Industry?

Within the oil and gas industry, BCF stands for billions of cubic feet (of gas). In the United States and abroad, a cubic foot is the standard measurement of gas at atmospheric pressure.

Barrel of Oil (BBL)

Published in Oil and Gas Definitions

A barrel or oil or BBL is the standardized unit of measuring oil within the United States and is equal to 42 gallons. In some other countries, barrels of oil are measured differently by use of the metric system and are equal to 159 liters.

What is an Overriding Royalty Interest?

Published in Oil and Gas Definitions

An overriding royalty interest is a type of oil and gas royalty that is created from a working interest. An owner of an overriding royalty interest is entitled to a percentage share of the revenue generated from the gross production and free from covering any associated operating or production costs. Owning an overriding royalty interest [...]

What is a Royalty Acre?

Published in Oil and Gas Definitions

A royalty acre within the oil and gas industry refers to the mineral owner’s royalty on one acre of leased land.

What is an Oil and Gas Royalty?

Published in Oil and Gas Definitions

An oil and gas royalty is essentially a right to oil and gas or other minerals. It gives the royalty owner the right to a specific share of oil and gas produced from a property without the responsibility of sharing in the costs of the development of the property.
The oil and gas royalty owner does pay production or operating [...]

News from the blog

Wyoming Based Niobrara Shale Mineral Rights Owners Plan To Auction Off Oil & Gas Royalties
A group of mineral right owners have recently banded together to sell their oil and gas interests in Wyoming. Furthermore, these mineral owners plan to hold a public auction in September to sell them to potential producers/operators.
Many companies are looking at leasing Wyoming land because of speculation that new drilling techniques could cause the [...]
BP Slapped With $5.2 Million Fine For Colorado Royalty Mistakes
As if BP’s troubles were not enough, The U.S. Department of Interior recently fined BP $5.2 million as a civil penalty for submitting “false, inaccurate or misleading” reports regarding natural gas production on Southern Ute tribal land in southwestern Colorado.
The fine also represents the first fine ever given from the Bureau of Ocean Energy Management, [...]
Selling Mineral Rights on eBay?
On an off topic note, apparently people have begun selling their mineral rights through eBay. We have taken a snapshot of the listing, as it will most likely expire very quickly.
If you are interested in selling your mineral rights, you can contact us for a free bid request and save the time and hassle of [...]
Statoil ASA Acquires Another 59,000 Acres In The Marcellus Shale
On march 29, 2010, the Norwegian based Statoil ASA reported that it had acquired an additional 59,000 acres in the Marcellus shale gas area of Pennsylvania. The acreage was bought from U.S. based Chesapeake Energy Corporation and the total deal cost was approximately $253 million at $4,325 per acre.
Statoil had already bought the rights to approximately 600,000 [...]
Earth Search Sciences Set To Drill In Green River Formation
Its been reported that Earth Search Sciences, Inc. is set to drill in an oil shale gasification site located in the Green River Formation, near Rock Springs, Wyoming. The Green River Formation spans Colorado, Utah and Wyoming and is projected to contain more than 1.2 trillion barrels. The mineral rights of this drill site are controlled [...]