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30 Little Known Oil & Gas Industry Definitions and Phrases

Oil & Gas Drilling Rig Image With The Sun Rising In The Background

30 Little Known Oil & Gas Industry Definitions and Phrases:

1. Developmental wells can be referred to as infield wells

2. Step outs: wells in close proximity to proven producers

3. Dry holes: dusties or dusters

4. Book value: the value of a well, field, rig/equipment

5. Bunk house: portable housing on a well site for the crew to live

6. Money=Capital=scratch (all mean the same thing)

7. “Cover my nut” means money necessary to at least pay monthly well/field expenses

8. Clean oil: oil with good enough quality not to be charged additional fees while going down the pipeline for transportation

9. Australian offsets: funny slang for well drilled in the middle of nowhere

10. Horse head: a pump jack used to pump oil out of the ground

11. Rich gas: a higher grade of gas you get paid more for

12. Mothers blood: oil from mother earth

13. College wells: a well that is not commercial but what you learned from it will help you on wells you drill in the field moving forward

14. Oil interests: a fancy way to say oil investments

15. Unconventional supplies: oil that comes from shale or tar sands

16. The rock was rich: there was an oil find

17. Oil giant: integral part of the oil business, an absolute legend that without them the oil business wouldn’t be what it is today

18. “We’re oilmen”: a phrase used to describe that the oil business is what they know and everything revolves around it

19. Big Daddy: a monster well that came in bigger than expected

20. Wildcatter: a guy who can handle risk and loves to take big risks for big possible rewards

21. Hit a vein: struck oil

22. Playing king of the hill: finding the highest spot on structure for the best production

23. Railroad track numbers: means nice and steady production

24. Picking up twenties on the way to hundreds: hit a couple small layers on your way to drilling deeper for the bigger layers

25. Fortune hunters: wildcatters looking to strike it rich

26. An industry guy: anyone who’s involved in the oil business in one way or another

27. A whale: an investor with deep pockets

28. Rich land: a great area to drill in that should be loaded with oil and/or gas

29. An ocean of oil: a significant find of oil

30. Fishing: going into the hole to get equipment out

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