Rigzone Oil and Gas Conversion Calculator

Rigzone provides a nice oil and gas conversion calculator.

Don't worry about bookmarking it; I have it my "Data Links" tab.

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How to use the Rigzone conversion calculator:

If your monthly statement for your well shows 5,303 Mcf gas, just go to the Rigzone calculator,  and when you get there, select/click on "Gas Conversions." It's the "second one over."

Use the drop-down menu in the "unit type" selector, and select "Gas Volume."  

Select "Thousand Standard Cubic Feet (Mscf )" in the left square box.    [Note: "M" --> "thousand']

In the square box on the right, select "Barrel of Oil Equivalent (BOE)."

At this point, you should see:

• "1" in the left box
• "0.1666667" in the right box

You can then do the calculation yourself, but Rigzone made it even easier:

• Where you see the "1," type in 5303
• Click on "Barrel of Oil Equivalent (BOE)" in the right box, again,

And, voila: you will see 883.8333 in the right box.

The 5,303 thousand cubic of gas is equivalent to 884 barrels of oil.

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If that same monthly statement for your well showed 5,714 barrels of oil, adding the 884 to that, gives you 6,598 barrels of oil equivalent (BOE).

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Generally over time, the amount of natural gas will decrease, and more than likely your natural gas will be flared off (never sold). Due to lack of infrastructure, many oil wells in the Bakken are not hooked up to natural gas lines, and the natural gas is flared, until natural gas pipelines brought in.

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I think I have done this correctly. If I have made a mistake, I am hoping someone will let me know. I have a habit of messing up simple calculations. I also mess up dates, calendar and fiscal quarters.

Thank you.

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By the way, is 6,000 barrels of oil per month a good well? Depends. If that's the first month and it declines from there, it's not a very good well. The decline rate in the Bakken is horrendous.

However, if the 6,000 barrels of oil in one month is the 30th month of production and your well has stabilized at this rate, it's a great well.

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Oh, one last note, the energy value varies from natural gas location to natural gas location. That's why Rigzone places "Standard" in "Million Standard Cubic Feet." The natural gas may not be exactly "standard" but for my purposes, it's close enough.