Working Interest


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Working Interest

An operating interest in oil and gas in place that is burdened with the responsibility and cost of developing and operating the property.
References in periodicals archive ?
The sale of a working interest in which royalty interests or surface interests are retained, may not qualify.
Apache obtained its 20 percent working interest in Block 23-L as part of a mid-1993 acquisition.
In the event the defaulting working interest owner does not fulfill its obligations to settle the outstanding indebtedness, Petrosearch can exercise its option which will increase its ownership in the Kallina 46 #1 well and the 438 acres of leasehold controlled by the well from a 16% working interest after payout to a 100% working interest before payout and 84% after payout of associated lease and well costs.
After these charges, South Pass Block 89 has excess production costs amounting to approximately $1 million which will be recouped by the working interest owner from future proceeds from South Pass Block 89.
1 million in drilling costs, net to its 50% working interest, which interest increases to 62.
Based upon the current diminished production due to hurricane-related damages, the current deficit for expenditures subject to recovery from future royalty income, estimated future capital expenditure projects for repairs or tie-backs to alternative pipelines, and additional potential future exploratory activities being considered by Working Interest Owners, the Corporate Trustee does not expect there to be any cash income distributions during the remainder of 2006 and potentially during a portion or all of 2007.
Gastar's working interest in the well is approximately 42% before casing point (BCP) and 50% after casing point (ACP).
The South Louisiana project, in which the Company maintains a 67% working interest, targets a 10,200 foot Hayes sand updip of a well that produced over .
Gastar's working interest will be approximately 56% BCP (67% ACP) in the Wildman Trust #2 well with Chesapeake Energy Corporation holding the remaining 44% BCP working interest (33% ACP working interest).
Upon successful completion of the well, Ignis will own 25% of the working interest, which is equal to 17.
Crude oil revenues recorded by the Working Interest Owners decreased 9% to $5,637,170 in the first quarter of 2006 from $6,214,140 in the fourth quarter of 2005.