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Farmout

Assignment or partial assignment of an oil and gas lease from one lessee to another lessee.

Field

Area of oil and gas production with at least one common reservoir for the entire area.

Field Rules

Spacing and production rules for the common reservoir in an area

Formation

A separate layer of rock or group of intermingled beds

Frac

High pressure or explosive method of fracturing rock formations

Fuel and Shrinkage

The difference between the amount of gas produced at the wellhead and the gas that enters a pipeline that can be associated with providing energy to on lease equipment or removal of solution gas. The losses include but are not limited to those from the separation process and field use, as well as fuel, flare gas and plant liquids extraction.