dry hole

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Related to dry holes: dry hole clause

dry hole

[¦drī ¦hōl]
(engineering)
A hole driven without the use of water.
(petroleum engineering)
A well in which no oil or gas is found.
References in periodicals archive ?
Contango Operators, Inc (COI), our wholly-owned subsidiary, will operate our two deep shelf exploration wells in which our anticipated dry hole working interest commitment will be $4-5 million per well.
While we never welcome dry holes, we take great satisfaction that we have drilled 25 exploratory wells thus far in 2005 and have maintained our historical success rate.
Dry hole charges for the quarter should be approximately $52 million with worldwide exploration expense, including dry hole charges, approximately $71 million.
Every oil and gas man knows there are no guarantees in well drilling and you don't get your money back if you drill a dry hole.
One of the wells is a producer, and five wells are dry holes.
The Company currently expects its second quarter provision for dry holes to be between $12 million and $14 million.
The primary objective in the Operc sands was found to be non-productive and was expensed as an exploratory dry hole.
Since DDD Energy began its participation in drilling activities, nine wells have been successfully completed and tested, eight wells are nearing completion (that is, drilling operations are completed but well testing and pre-production operations have not yet been completed) with pipe already set on six of these, and three were dry holes," said Horace A.
Drilling targets the Lansing-Kansas City formation at 4,000 feet, and 8/8ths well costs are moderate at $280,000 for completed wells and $150,000 for dry holes.
All of the successful wells and two of the dry holes were developmental wells located in West Virginia.
To date, of the 11 wells drilled in this area, 6 have been successful and 5 were dry holes.
5 percent were completed as producing oil and/or natural gas wells with seven dry holes.