oil floor

oil floor

[′ȯil ‚flȯr]
(geology)
In a sedimentary basin, the depth below which there is no economic oil accumulation.
References in periodicals archive ?
TOCOM set the closing time of the night session at 4:30 to coincide with the closing of New York crude oil floor trading.
Included in our purchase is a $65 oil floor through May of 2007 on approximately 50 percent of total anticipated production in the East Texas Field; we are confident these are excellent cash flow-producing properties.
99 Note: Subsequent to June 30, 2006, the Company entered into oil floor contracts representing 2,000 Bbls/d at an average price of $60/Bbl for the second half of 2008 and natural gas floor contracts representing 10,000 Mcf/d at an average price of $6.
WTI Oil Prices Barrels of Period of Time Oil Floor Cap Oct 1, 2006 thru Dec 31, 2006 27,600 $ 65.
PARALLEL PETROLEUM CORPORATION HEDGING INFORMATION (a) COSTLESS COLLARS: Houston Ship NYMEX Channel Barrels Oil Prices MMBTU of Gas Prices of Natural Period of Time Oil Floor Cap Gas Floor Cap Apr 1, 2005 thru Oct 31, 2005 - - - 428,000 $5.
PARALLEL PETROLEUM CORPORATION HEDGING INFORMATION COSTLESS COLLARS: Houston Ship NYMEX Channel Oil Prices MMBTU of Gas Prices Barrels of Natural Period of Time Oil Floor Cap Gas Floor Cap 2004 remainder(a) -- -- -- 31,000 $4.
The Company also announced that since its last update on March 12, 2003, it has purchased a crude oil floor for 30,000 barrels for May with a floor price of $26.
60 per barrel West Texas Intermediate (WTI) floor or approximately a $20 per barrel price for 13 degrees heavy oil floor on 3,000 BOPD beginning on June 1, 2001.
Additionally, crude oil floors have been purchased for the third quarter 2010 covering 5% of that quarter's estimated domestic crude oil production with a NYMEX strike price of $79.
NYSE:EPL) (the Company) announced that it has established its first hedging program following its emergence from Chapter 11 bankruptcy proceedings with the purchase of crude oil floors and the placement of swap contracts that cover the period from October 2009 to December 2011.
Swift Energy has purchased crude oil floors that cover approximately 69% to 73% of its currently expected third quarter 2009 crude oil production at an average NYMEX strike price of $62.
Encore Acquisition Company ("Encore") (NYSE:EAC) recently bought crude oil floors with a strike price of $25 per barrel.