A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Well - A hole drilled in the earth for the purpose of (1) finding or producing crude oil or natural gas; or (2) providing services related to the production of crude oil or natural gas. Wells are classified as (1) oil wells; (2) gas wells; (3) dry holes; (4) stratigraphic test wells; or (5) service wells. The latter two types of wells are not counted for FRS reporting. Oil wells, gas wells, and dry holes are classified as exploratory wells or development wells. Exploratory wells are subclassified as (1) new-pool wildcats; (2) deeper-pool tests; (3) shallow-pool test; and (4) outpost (extension) tests. Well classifications reflect the status of wells after drilling has been completed. Completion. The term refers to the installation of permanent equipment for the production of oil or gas. Development Well. A well drilled within the proven area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive. Dry Hole. An exploratory or development well found to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. Exploratory Well. A well that is not a development well, a service well, nor a stratigraphic test as those items are defined elsewhere. Oil Well. A well completed for the production of crude oil from at least one oil zone or reservoir.

Wellhead Price - The value at the mouth of the well. In general, the wellhead price is considered to be the sales price obtainable from a third party in an arm's length transaction. Posted prices, requested prices, or prices as defined by lease agreements, contracts, or tax regulations should be used where applicable.

Working Interest - An interest in a mineral property that entitles the owner of that interest to all of a share of mineral production from the property, usually subject to a royalty. A working interest permits the owner to explore, develop, and operate the property. The working interest owner bears the costs of exploration, development, and operation of the property and, in return, is entitled to a share of the mineral production from the property or to a share of the proceeds therefrom. It may be assigned to another party in whole or in part, or it may be divided into other special property interests. Gross Working Interest. The reporting company's working interest plus the proportionate share of any basic royalty interest or overriding royalty interest related to the working interest. Net Working Interest. The reporting company's working interest not including any basic royalty or overriding royalty interests.

Watt - Unit of measure of electric power at a set point in time.

Watt-hour - One watt of power extended over a one-hour period. One thousandth of a kilowatt-hour.

Wholesale Power Market - The purchase and sale of electricity along with the ancillary services needed to maintain reliability and power quality at the transmission level, from generators to resellers who then sell to retail customers.