1/4/41 AN- 00612691| TI- Definitions Clarify Cash Flow Analysis| AU- Johnston, Daniel|Zipprich, David C.| JN- Oil & Gas Journal| VO- v90n17| PG- 39-43| PD- Apr 27, 1992| SN- 0030-1388| JC- OGJ| DT- Journal article| LA- English| NP- 5| SF- Charts|Equations| AV- Fulltext online. Photocopy available from ABI/INFORM 132.00| WC- 3412| AB- Because of diverse terminology and numerous related definitions, the concept of cash flow is often misunderstood and misused. To avoid confusion, definitions should be included when using cash flow terms. The simplest, most frequently quoted formula for cash flow (also called discretionary cash flow) in the oil industry is: cash flow = net income + exploration expenses + depreciation, depletion, and amortization (DD&A) + deferred taxes. Beginning in 1988, a statement of cash flows (SCF) was required by the Financial Accounting Standards Board. The SCF segregates information about cash provided or used by a company into 3 categories: 1. operating activities, 2. investing activities, and 3. financing activities. Cash flow is used in different ways for appraising value. The best approach is the discounted cash method based on pro forma projections of revenues, expenses, DD&A, and maintenance capital requirements. Other methods simply capitalize cash flow or use a cash flow multiple, which is a proxy for true discounted cash flow analysis. || 1/4/42 AN- 00612681| TI- Oklahoma Arbuckle Lime Exploration Centered on Buried Astrobleme Structure| AU- Hamm, Harold|Olsen, Rex E.| JN- Oil & Gas Journal| VO- v90n16| PG- 113-116| PD- Apr 20, 1992| SN- 0030-1388| JC- OGJ| DT- Journal article| LA- English| NP- 4| SF- Maps|Charts| AV- Fulltext online. Photocopy available from ABI/INFORM 132.00| WC- 2245| AB- The Major County, Oklahoma, Arbuckle play is one of many viable exploration play opportunities existing throughout the US Midcontinent. Continental Resources Inc. (CRI) has been pursuing the play for more than 2 years through both its proprietary well data base and well planned seismic acquisitions. Structural mapping at the Sylvan level reveals a remarkable, geometrically circular, structural depression some 10 miles in diameter. CRI has considered the so-called Ames Hole to be an astrobleme from very early in its evaluation efforts. It is characterized by a central rebound high of igneous rock, together with both an inner and outer rim around the central high. Drilling on the outer rim has yielded a number of gas producing wells, as well as several notable dry holes. Based on drilling to date, the inner rim complex is oil rather than gas prone. CRI's development of the Hoyle Creek feature, the central high, is proceeding and will be guided by state of the art seismic. Large portions of both the inner and outer rims have yet to be drilled. || 1/4/43 AN- 00612675| TI- U.K. Bears the Brunt of Decline in Exploration off NW Europe| AU- Vielvoye, Roger| JN- Oil & Gas Journal| VO- v90n16| PG- 25-30| PD- Apr 20, 1992| SN- 0030-1388| JC- OGJ| DT- Journal article| LA- English| NP- 5| SF- Graphs| AV- Fulltext online. Photocopy available from ABI/INFORM 132.00| WC- 3000| AB- The number of exploration and appraisal wells off the UK could be as low as 120-130 in 1992 as offshore operators adjust drilling plans in response to low oil prices and uncertainty about the future. The UK drilling slump is expected to last well into the 2nd half of 1993 and North Sea operators are assessing ways to reduce costs. Rig demand has been hit by operator decisions to place deep, high-pressure wells at the top of the list of projects to be deferred. As a result, contract prices for more advanced rigs capable of drilling such wells has slipped to $40,000 per day from $80,000 per day. By the end of the century, the 11,700 staff and contractors working on Shell Expro North Sea projects could be reduced by 4,230. Conoco Ltd. plans to spud 5 or 6 wildcats this year, compared to its original plan for about 12. The appraisal program will also be reduced by about 1/3. Norway is bucking the trend in UK waters, with 45 well starts expected in 1992. Foreign oil companies have been encouraged by a revision of offshore terms that lightened the burden of carrying the state's share of exploration. ||