Crude oil production is characterized as the volume of crude oil produced from oil reservoirs during given periods of time.

The amount of such production for a given period is measured as volumes delivered from lease storage tanks (i.e., the point of custody transfer) to pipelines, trucks, or other media for transport to refineries or terminals with adjustments for:

(1) net differences between opening and closing lease inventories; and

(2) basic sediment and water (BS&W).

Ref: 123330/2006-10-01

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