Farmout	Assignment or partial assignment of an oil and gas lease from 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.
First Purchaser	The party who first purchases and takes title to the production from an oil or gas well.
Formation	A separate layer of rock or group of intermingled beds.
Frac (ture)	High pressure or explosive method of fracturing rock formations.
Fuel and Shrinkage	The difference between the amounts 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.
Gas Lift	The process of raising or lifting fluid from a well by means of gas injected down the well through tubing or tubing casing annulus. Injected gas aerates the fluid to make it exert less pressure than the formation pressure, consequently forcing the fluid out of the well bore.
Gas-Oil Ratio (G.O.R.)	Number of cubic feet of gas produced per barrel of oil.
Gatherer	Includes any pipeline, truck, motor vehicle, boat, barge, or person authorized to gather or accept oil, gas, or geothermal resources from lease production or lease storage.
Gathering Line	A pipeline that transports oil or gas from a central point of production to a transmission line or mainline.
Grantor	A person who grants or conveys lands, minerals, etc.
Grantee	The person receiving the grant of lands, minerals, etc.
Henry Hub	Located in Erath, LA, the Henry Hub is a pipeline interchange and the delivery point for the New York Mercantile Exchange (NYMEX) active natural gas futures contracts.
Horizontal Drilling	A well which is not vertically drilled.
Hydrocarbon	An organic chemical compound of hydrogen and carbon, called petroleum. The molecular structure of hydrocarbon compounds varies from the simplest, methane (CH4), a constituent of natural gas, to the very heavy and very complex. Octane, for the example, a constituent of crude oil, is one of the heavier, more complex molecules.
Independent Producer	An energy company, usually in the exploration and production segment of the industry- and generally, with no marketing, transportation or refining operations. Also known as a non-integrated producing company in the oil industry.
Injection Well	Well used to inject fluids (usually water) into a subsurface formation by pressure.
Interest	A right or a claim to a property.