Glossary of Terms
In this report, unless the context otherwise requires, the following terms shall have the indicated meanings. A reference to an agreement means the agreement as it may be amended, supplemented or restated from time to time.
"1993 Act" means the United States Securities Act of 1933, as amended.
"Bengara II PSC" means the PSC dated December 4, 1997 between C-G Bengara and Pertamina.
"Bengara Block" means the contract area in the Indonesian province of East Kalimantan designated as the Bengara (II) PSC Block.
"BP Migas" means Badan Pelaksana Minyak Dan Gas Muni, a new executive board established by the government of Indonesia in 2002 for oil and gas upstream operations and an implementing body created to assume the role of Pertamina's regulatory functions and responsibilities in managing oil and gas contractors.
"CBM" means coal bed methane, which is methane found in coal seams. It is produced by non-traditional means, and therefore, while it is sold and used the same as traditional natural gas, its production is different. CBM is generated either from a biological process as a result of microbial action or from a thermal process as a result of increasing heat with depth of the coal. Often a coal seam is saturated with water, with methane held in the coal by water pressure.
"C-G Bengara" means Continental GeoPetro (Bengara II) Ltd., a British Virgin Islands corporation owned 12% by GeoPetro.
"CG Xploration" means CG Xploration Inc., a Delaware corporation owned 50% by GeoPetro.
"CNPC" means CNPCHK (Indonesia) Limited. CNPC is a wholly owned subsidiary of CNPC (Hong Kong) Limited, a publicly held company based in Hong Kong where its shares trade on the Hong Kong Stock Exchange under the listing number 0135.HK.
"Company" or "GeoPetro" means GeoPetro Resources Company, a corporation incorporated under the laws of the State of California and its wholly owned subsidiaries.
"Condensate" means a low-density, high-API gravity liquid hydrocarbon product that is generally produced in association with natural gas. Condensate is mainly composed of propane, butane, pentane and heavier hydrocarbon fractions.
"Continental" means Continental Energy Corporation.
"Cook Inlet Option" means the option granted to GeoPetro by Pioneer to acquire a 100% working interest (81% net revenue interest) in approximately 122,000 acres in Cook Inlet, near Anchorage, Alaska.
"CRA" means the Canada Revenue Agency.
"Earning Obligation" means $18.7 million paid by CNPC into a special joint venture account at a Hong Kong international bank, which funds are under joint signature control of CNPC, ourselves and Continental, and will be expended to pay for 2007 exploration drilling in the Bengara II PSC area.
"EIA" means the United States Energy Information Administration.
"EP 408" means the approximately 201,000 gross (52,675 net) acre permit area including the Whicher Range gas field in the South Perth basin of Western Australia designated as Exploration Permit 408.
"Evaluated Properties" means those properties that are producing oil or gas or on which, based on known geological and engineering data, oil and gas reserves are reasonably certain to exist.