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
