Glossary*
Acreage
An area, measured in acres, that is subject to ownership or control by those holding total or fractional shares of working interests. Acreage is considered developed when development has been completed. A distinction may be made between “gross” acreage and “net” acreage:
- Gross–All acreage covered by any working interest, regardless of the percentage of ownership in the interest.
- Net–Gross acreage adjusted to reflect the percentage of ownership in the working interest in the acreage.
API gravity
American Petroleum Institute measure of specific gravity of crude oil or condensate in degrees. It is an arbitrary scale expressing the gravity or density of liquid petroleum products. The measuring scale is calibrated in terms of ...
