stratigraphic test well means a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic test wells are classified as (i) "exploratory type" if not drilled into a proved property; or (ii) "development type", if drilled into a proved property. Development type stratigraphic wells are also referred to as "evaluation wells".
stratigraphic test well means the drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic test wells are classified as:
stratigraphic test well means any well or hole, except a seismograph shot hole, drilled for the purpose of gathering information in connection with the oil and gas industry with no intent to produce oil or gas from such well.
More Definitions of stratigraphic test well
stratigraphic test well means an exploratory borehole drilled for the sole purpose of acquiring subsurface geological and structure test data;
stratigraphic test well means an exploratory borehole drilled for the sole purpose
stratigraphic test well means a hole drilled for the sole purpose of gaining structural or stratigraphic information to aid in subsurface exploration.
stratigraphic test well. ’ means a well drilled to obtain information pertaining to a specific geologic condition, without the intention of being completed for hydrocarbon production.
stratigraphic test well means a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic test wells are classified as: (i) "exploratory type" if not drilled into a proved property; or (ii) "development type", if drilled into a proved property. Development type stratigraphic wells are also referred to as "evaluation wells". Pricing and Inflation Rate Assumptions The reserves data estimates contained herein are based on forecast prices and costs, using Sproule's pricing, exchange rate and inflation rate assumptions as of December 31, 2016. The forecast price and cost assumptions used in estimating the Company's reserves data assume increases in wellhead selling prices and take into account inflation with respect to future operating and capital costs. The following table sets forth commodity benchmark reference pricing, inflation rates and exchange rates utilized by Sproule in the Sproule Report, which were provided by Sproule and was Sproule's then-current standard price forecast effective December 31, 2016. Price offsets and differentials for each property were determined by comparing actual historical benchmark prices to actual prices received at the property. SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS USED IN PREPARING RESERVES DATAYearCrude OilNatural Gas(Forecast Prices and Costs) Year WTI Crude Oil (1)($US/bbl) Light Sweet Crude Oil (2)($Cdn/bbl) Notes:(1) West Texas Intermediate (WTI) at Cushing, Oklahoma, 40o API, 0.5% sulphur.(2) Canadian Light Sweet at Edmonton, Alberta, 40o API, 0.3% sulphur.(3) Western Canadian Select at Hardisty, Alberta, 20.5 o API.The weighted average historical prices realized by the Company for the year ended December 31, 2016 were $46.75 per bbl for crude oil, $2.21 per Mcf for natural gas and $17.91 per bbl for NGLs. For further information regarding the Company's production mix in 2016, see "– Other Oil and Gas Information – Production History" below. Reserves Reconciliation The following table sets forth a year-over-year reconciliation of the Company's estimated gross reserves as of December 31, 2016 to the prior year's estimates, based on forecast prices and costs, by principal product type. Light and Medium Oil Heavy Oil Conventional Natural Gas Notes:(1...
stratigraphic test well means a well drilled for the sole purpose of
stratigraphic test well means a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Such wells customarily are drilled without the intention of being completed for hydrocarbon production. This classification also includes tests identified as core tests and all types of expendable holes related to