On our latest production report it says well 1H-DRIP what does this mean.
Can you tell us more about this well?
Location? Operator? Lease name?
1H is the well designation (1 "Horizontal")
Need more info to understand "DRIP" meaning
Drilling Rig In Position (or Place)?
So it most likely refers to the fact that they have permitted two more wells on this pad.
While we're on acronyms, what does LAS stand for?
Chesapeake puts LAS to designate La Salle County, DIM for Dimmitt County, etc. Maybe that's it if Chesapeake is the operator.
Yep - that's it - thanks.
Nope Penn Virginia is the operator. It was on the breakdown of the production we recieved from them in the mail this month.
If this was part of your royalty check stub, the term has nothing to do with new wells. I have been in the O&G industry since 1977 and never seen this term.
What is the exact line / phrase / series of words where this term is noted?
I've seen DRIP used for the following references; not sure if either is applicable to your production statement:
DRIP = Dividend Reinvestment Plan
A dividend reinvestment program or dividend reinvestment plan (DRIP) is an equity investment option offered directly from the underlying company. The investor does not receive quarterly dividends directly as cash; instead, the investor's dividends are directly reinvested in the underlying equity. (The investor must still pay tax annually on his or her dividend income, whether it is received or reinvested.)
This allows the investment return from dividends to be immediately invested for the purpose of price appreciation and compounding, without incurring brokerage fees or waiting to accumulate enough cash for a full share of stock. Some DRIPs are free of charge for participants, while others do charge fees and/or proportional commissions.
DRIP = Drip Gas
Drip gas is another name for natural-gas condensate, a naturally occurring form of gasoline found near many oil and natural gas wells, in natural gas pipelines, and as a byproduct of natural gas extraction. It is also known as "condensate", "natural gasoline", "casing head gas", "raw gas", "white gas" and "liquid gold". Drip gas is defined in the United States Code of Federal Regulations as consisting of butane, pentane, and hexane hydrocarbons. Within set ranges of distillation, drip gas may be extracted and used to denature fuel alcohol. Drip gas is also used as a cleaner and solvent as well as a lantern and stove fuel.
Ok finally getting around to Mark's response on my statement. So the statement has always had one section. Pavlicek 1H with two Prod types. Oil and Gas. Last month it had an additional section. Pavlicek 1H DRIP. With a product ype of 103 (don't know what that is) It was small amounts and went all the way back to the start of initial production. 11/2012 Qty 5, 12/2012 Qty 6 , 1/2013 Qty 30 ect all the way till current month. So is this a condensate gas adjustment by the operator.
"DRIP" volumes may be residual adjustments from gas processing plant or from vapor recovery condensation from storage tanks.
I see something similar (just a higher price small volume of NGL) on my monthly statements from operator on my royalty check.
Thanks for all the details on this.
Thank you for all the help. Its been a great learning experience.