"As Is":
 Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition."

Absentee Bid:
 A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company.

Absentee Bidder:
 A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property.

Absolute Auction:
 An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.

Accredited Investor:
 Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. Or any natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

Acidic:
 The unstable molecular state in paper which causes progressive material breakdown (discoloration, integral weakening).

Acrylic Paints:
 Synthetic paints, with pigments dispersed in a synthetic vehicle made from polymerized acrylic acid esters, the most important of which is polymethyl methacrylate. First used by artists in the late 1940s, their use has come to rival that of oil paints because of their versatility. They can be used on nearly any surface, in transparent washes or heavy impasto, with matte, semi-gloss, or glossy finishes.

Adjoining:
 In actual contact with another object (i.e., attached). Same as 'Contiguous'.

After (also: d`après):
 Lettering on a print indicates that the design or image is a copy of a known work by another artist.

Agent:
 An individual/entity who transacts, represents, or manages business for another individual/entity. Permission is provided by the individual/entity being represented.

Aging:
 Progressive deterioration caused by atmospheric components such as oxygen, moisture, temperature, any kind of light, particulates such as carbon, dust etc. that eventually affect every artwork.

Alkaline Buffer:
 In paper products (e.g. framing mattes, printing paper), an additive that raises the pH level to counteract potential damage to the print over time.

Appraisal:
 An evaluation of the fair market value of a work of art; in other words what the work would bring if sold at auction or by other means on the secondary market. Quite often the purposes of an appraisal are for insurance of the item, for tax purposes for donations and for inheritance. In order to be valid, the appraisal must be done by a certified appraiser, who usually evaluates the work by using comparables---other works of art that have similar characteristics.

Archival:
 For optimum print conservation, those materials that have safeguards against the aging process due to neutral or slightly alkaline pH.

Artist`s proof (also A.P., E.A.):
 Originally, test proofs made by the artist during the creative process. Nowadays this category is mainly a custom, where a certain proportion over and above the total print run (generally not exceeding 5-10%) is allotted to the artist for his personal use.

Assessment:
 The process of placing a value on an asset for the purpose of taxation. Also refers to the tax itself. Also called property assessment.

Assignee:
 Individual to whom a contract is assigned.

Assignment:
 The manner by which a contract is transferred from one individual to another individual.

Assignor:
 An individual who transfers a contract to another individual.

Associated gas:
 Natural gas produced with crude oil from the same reservoir.

Auction:
 A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale.

Auction Block:
 The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.

Auction Listing Agreement:
 A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.

Auction Value:
 The price which a particular property brings in open competitive bidding at public auction.

Auction With Reserve:
 An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.

Auction Without Reserve:
 An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent.

Auctioneer:
 The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction.

Bank Letter of Credit:
 A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.

Barrel:
 A unit of measure for oil and petroleum products that is equivalent to 42 U.S. gallons.

BBL:
 Abbreviation for barrels of oil.

BCF:
 Abbreviation for a billion cubic feet of natural gas.

Beneficiary:
 A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies. A beneficiary can be a spouse, child, charity or any entity or person to whom the property owner would like to leave his or her possessions and assets.

Bid:
 A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.

Bid Rigging:
 The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.

Bidder Number:
 The number issued to each person who registers at an auction.

Bidder`s Choice:
 A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.

Blowout:
 The uncontrolled flow of gas, oil or other fluids from a well.

Blowout preventer (BOP):
 The equipment installed at the wellhead to control pressures in the annular space between the casing and drill pipe or tubing during drilling, completion, and workover operations. Also see Christmas tree.

Blurring:
 Double or out-of -focus image that occurs when an image has been misprinted due to faulty alignment of paper and inked roller.

Bon a Tirer or B.A.T:
 (French, "good for printing") The artist's notation in the margin which is his approval that this print is the final contender in a series of trial proofs that meets his expectations for the whole edition. For the printer this is the key work-sheet. It is his absolute reference point for the technical execution of every print, which must have no variations, and which is compared against this B.A.T. line for line, color for color.

Brine:
 See produced water.

British thermal unit (BTU):
 A measure of the heating value of a fuel.

Brochure:
 A publication advertising and describing the items available for sale at public auction, including photographs, item descriptions, and the terms and conditions of the sale.

Broker Participation:
 An arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the owner of the property or the auction firm.

Build Out:
 The construction or improvements of the interior of a space, including flooring,walls, finished plumbing, electrical work, etc.

Building Permit:
 Written government permission to develop, renovate, or repair a building.

Buyer`s Premium:
 An advertised percentage added to the high bid to determine the total price to be paid by the buyer.

Cancellation Clause:
 A provision in a contract (e.g., lease) that confers the ability of one in the lease to terminate the party's obligations. The grounds and ability to cancel are usually specified in the lease.

Cancelled Plate:
 When the printing run is completed, the print matrix is defaced, altered or cancelled in some way (e.g. lines drawn through the image) as a safeguard that the plate will not be resurrected for future editions. A cancellation impression is taken as a visual guarantee of the cancelled plate.

Cap Rate:
 The discount rate used to determine the present value of a stream of future earnings. Typically this will be an appropriate risk-free return plus a premium to reflect the risk of that specific investment.

In real estate, the rate of return on a property.

Capital Contribution:
 The total cash contribution which a joint venturer makes to the joint venture, including assessments.

Capital Improvement:
 Any major physical development or redevelopment to a property that extends the life of the property. Examples include upgrading the elevators, replacement of the roof, and renovations of the lobby.

Capital Working Interest:
 The portion of the working interest which is not required to pay its pro rata share of drilling, testing and/or completion and equipment costs.

Captial Costs:
 All of the costs incurred by the joint venture in drilling, testing, completing, and equipping the venture well. Includes any pipelines built to the venture well, which costs are required to be capitalized for federeal income tax purpuses, including any dry hole tangible costs but excluding any intangible completion costs, geological and geophysical costs, and operating costs.

Cashier:
 The person who does the accounting at an auction.

Casing:
 Metal pipe inserted into a wellbore and cemented in place to protect both subsurface formations (such as groundwater) and the wellbore. A surface casing is set first to protect groundwater. The production casing is the last one set. The production tubing (through which hydrocarbons flow to the surface) will be suspended inside the production casing.

Catalogue Raisonne:
 A systematic and comprehensive compendium containing all the known works of an artist. "Raisonne" denotes that every piece has been thoroughly and accurately appraised and described, as well as illustrated whenever possible. Title, dimensions, date, techniques, states, edition anomalies, printer, publisher etc. are meticulously recorded and assigned a permanent reference number: an indispensable aid for the collector, student and professional.

Certificate of Occupancy (CO):
 The government issues this official form, which states that the building is legally ready to be occupied.

Chattel:
 Household goods, including personal property such as lamps, desks, and chairs.

Christmas tree:
 The assembly of valves, pipes, and fittings used to control the flow of oil and gas from a well.

Clerk:
 The person who records what is sold and to whom and for what price.

Clipped (also "trimmed"):
 The reduction of the original margins of a print, often too close to the printed area, especially in early intaglio prints, where the image may have been so trimmed that the plate marks have been removed. Such transgressions are "forgiven" with incunabula. However, Whistler personally clipped most of his prints in a radical fashion, while some contemporary artists deliberately use over- large margins, so that artist's intent comes into play here too.

Code:
 The Internal Revenue Code of 1986, as amended.

Coiled tubing:
 A long, small diameter pipe flexible enough to be stored on and deployed from a large, truck-mounted roll. Used to replace jointed pipe in certain types of drilling, completion, and workover operations.

Collusion:
 The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.

Color Print:
 A print produced in color by (i) using a separate matrix for each color (ii) by hand inking separate areas of the single plate (iii) by forcing the color application through a stencil or (iv) by using inks of different viscosities. Colors can be printed side by side, or overprinted. Usually colors are printed from light to dark, but often the blues are printed first.

Colored Print:
 After the printing process, a print with color applied by free hand or with the use of a stencil.

Commission:
 The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.

Common Area Maintenance (CAM):
 This is the amount of additional rent charged to the tenant, in addition to the base rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit. Examples include: snow removal, outdoor lighting, parking lot sweeping, insurance, property taxes, etc. Most often, this does not include any capital improvements that are made to the property.

Company Owned Life Insurance (COLI):
 A type of life insurance policy taken out by a company on the lives of employees whom the company considers to be of vital importance to its operations. Under this type of plan, the company in question pays the premium on the insurance but is also the plan's primary beneficiary. There are a few reasons why a company would take a life insurance policy out on key employees. For one, the tax-free proceeds that are received after the death of a key person can be used to cover any costs that would arise when hiring that individual's replacement. The insurance policy can also be used to cover employee benefit liabilities. However, the most notable benefit to a company that institutes a COLI policy comes from the benefit to after-tax net income. This benefit arises when the cash value of the policy becomes larger than the premiums paid. According to an industry survey conducted in 1999 and cited by New York Life Insurance Company, 68% of the Fortune 1000 companies use COLI programs.

Completion:
 After a well is drilled and the decision is made to complete it, a number of things must be done. The well must be cleaned out, setting the casing and tubing into the hole, adding surface equipment (pumps, tanks, meters) and perforating the casing so that oil or gas can flow into the well and be brought to surface. Once a well is completed, it is ready to produce oil or gas.

Compressor:
 An engine used to increase the pressure of natural gas so that it will flow more easily through a pipeline.

Conditions of Sale:
 The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

Contiguous:
 Touching at some point or along a boundary.

Contingency:
 A requirement in a contract that must occur before that contract can be finalized.

Contract:
 A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities. This document provides each party with a right that is enforceable under our judicial system.

Cooperating Broker:
 A real estate broker who registers a prospective buyer with Auction Company, in accordance with the terms and conditions for that auction. The broker is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a participating broker.

Covenants:
 Wording found in deeds that limits/restricts the use to which a property may be put (e.g., no bars).

Daily Drilling report:
 A record made each day of the operations on a working drilling rig and, traditionally, phoned, faxed, emailed, or radioed in to the office of the drilling company and possibly the operator every morning.

Dampener:
 An air or inert gas device that minimizes pressure surges in the output line of a mud pump. Sometimes called a surge dampener.

Day Tour:
 (pronounced "tower") In areas where two 12-hour tours are worked, a period of 12 hours, usually during daylight, worked by a drilling or workover crew when equipment is being run around the clock.

Daylight Tour:
 (pronounced "tower") In areas where three eight-hour tours are worked, the shift of duty on a drilling rig that starts at or about daylight. Compare evening tour, morning (graveyard) tour.

Deacidify:
 To chemically stabilize acid paper products in a dry or liquid bath treatment.

Deadline:
 The drilling line from the crown block sheave to the anchor, so called because it does not move. Compare fast line.

Deadline Anchor:
 See deadline tie-down anchor.

Deadline Sheave:
 The sheave on the crown block over which the deadline is reeved.

Deadline Tie-Down Anchor:
 A device to which the deadline is attached, securely fastened to the mast or derrick substructure. Also called a deadline anchor.

Death Benefit:
 The amount on a life insurance policy or pension that is payable to the beneficiary when the annuitant passes away. Also known as "survivor benefit". A death benefit may be a percentage of the annuitant's pension. For example, a beneficiary might be entitled to 65% of the annuitant's monthly pension. Alternatively, the benefit may be a large lump-sum payment from a life insurance policy. The size and structure of the payment is determined by the type of policy the annuitant held at the time of death.

Deck:
 Floor.

Deed:
 A signed, written instrument that conveys title to real property.

Deed Restriction:
 An imposed restriction in a deed that limits the use of the property. For example, a restriction could prohibit the sale of alcoholic beverages.

Default:
 Failure to fulfill a promise, discharge an obligation, or perform certain acts.

Degasser:
 The equipment used to remove unwanted gas from a liquid, especially from drilling fluid.

Delineavit:
 From Latin, with abbreviations of delin., delt., del.="he drew". Lettering on a print to denote the conceptual creative artist of the piece.

Delivery:
 Transfer something from one entity to another.

Density:
 The mass or weight of a substance per unit volume. For instance, the density of a drilling mud may be 10 pounds per gallon, 74.8 pounds/cubic foot, or 1,198.2 kilograms/cubic meter. Specific gravity, relative density, and API gravity are other units of density.

Density Log:
 A special radioactivity log for open-hole surveying that responds to variations in the specific gravity of formations. It is a contact log (i.e., the logging tool is held against the wall of the hole). It emits neutrons and then measures the secondary gamma radiation that is scattered back to the detector in the instrument. The density log is an excellent porosity-measure device, especially for shaley sands. Some trade names are Formation Density Log, Gamma-Gamma Density Log, and Densilog.

Derrick:
 A large load-bearing structure, usually of bolted construction. In drilling, the standard derrick has four legs standing at the corners of the substructure and reaching to the crown block. The substructure is an assembly of heavy beams used to elevate the derrick and provide space to install blowout preventers, casingheads, and so forth.

Derrick Floor:
 Also called the rig floor.

Derrickhand:
 The crew member who handles the upper end of the drill string as it is being hoisted out of or lowered into the hole. On a drilling rig, he or she may be responsible for the circulating machinery and the conditioning of the drilling or workover fluid.

Derrickman:
 See derrickhand.

Desander:
 A centrifugal device for removing sand from drilling fluid to prevent abrasion of the pumps. It may be operated mechanically or by a fast-moving stream of fluid inside a special cone-shaped vessel, in which case it is sometimes called a hydrocyclone.

Desilter:
 A centrifugal device, similar to a desander, used to remove very fine particles, or silt, from drilling fluid to lower the amount of solids in the fluid.

Development well:
 A well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive; a well drilled in a proven field for the purpose of completing the desired spacing pattern of production.

Diamond Bit:
 A drill bit that has small industrial diamonds embedded in its cutting surface.

Die Insert:
 A removable, hard-steel, serrated piece that fits into the jaws of the tongs and firmly grips the body of the drill pipe, drill collars, or casing while the tongs are making up or breaking out the pipe.

Dies:
 A tool used to shape, form, or finish other tools or pieces of metal. For example, a threading die is used to cut threads on pipe.

Diesel Engine:
 A high-compression, internal-combustion engine used extensively for powering drilling rigs. In a diesel engine, air is drawn into the cylinders and compressed to very high pressures; ignition occurs as fuel is injected into the compressed and heated air. Combustion takes place within the cylinder above the piston, and expansion of the combustion products imparts power to the piston.

Diesel Fuel:
 A light hydrocarbon mixture for diesel engines; it has a boiling range just above that of kerosene.

Diesel-Electric Power:
 The power supplied to a drilling rig by diesel engines driving electric generators.

Dipmeter Log:
 See dipmeter survey.

Dipmeter Survey:
 An oilwell-surveying method that determines the direction and angle of formation dip in relation to the borehole. It records data that permit computation of both the amount and direction of formation dip relative to the axis of the hole and thus provides information about the geologic structure of the formation. Also called dipmeter log or dip log.

Directional Drilling:
 Intentional deviation of a wellbore from the vertical. Although wellbores are normally drilled vertically, it is sometimes necessary or advantageous to drill at an angle from the vertical. Controlled directional drilling makes it possible to reach subsurface areas laterally remote from the point where the bit enters the earth.

Directional Hole:
 A wellbore intentionally drilled at an angle from the vertical. See directional drilling.

Displacement Fluid:
 In well cementing, the fluid, usually drilling mud or salt water, that is pumped into the well after the cement is pumped into it to force the cement out of the casing and into the annulus.

Dissolved Gas:
 Natural gas that is in solution with crude oil in the reservoir.

Dissolved-Gas Drive:
 A source of natural reservoir energy in which the dissolved gas coming out of the oil expands to force the oil into the wellbore. Also called solution-gas drive. See reservoir drive mechanism.

Doghouse:
 A small enclosure on the rig floor used as an office and/or as a storehouse for small objects. Also, any small building used as an office or for storage.

Dogleg:
 1. An abrupt change in direction in the wellbore, frequently resulting in the formation of a keyseat. 2. A sharp bend permanently put in an object such as a pipe, wire rope, or a wire rope sling.

Double:
 A length of drill pipe, casing, or tubing consisting of two joints screwed together.

Double Image:
 A printing error caused by misalignment of successive overprinting plates in the coloration process. Can also happen when there is slippage of the paper or press underfelt.

Down Payment:
 The part of the purchase price paid in cash up front, reducing the amount of the loan or mortgage.

Downhole:
 A term used to describe tools, equipment, and instruments used in the wellbore, or conditions or techniques applying to the wellbore.

Downhole Motor:
 A drilling tool made up in the drill string directly above the bit. It causes the bit to turn while the drill string remains fixed. It is used most often as a deflection tool in directional drilling, where it is made up between the bit and a bent sub (or, sometimes, the housing of the motor itself is bent). Two principal types of downhole motor are the positive-displacement motor and the downhole turbine motor.

Downstream:
 When referring to the oil and gas industry, this term indicates the refining and marketing sectors of the industry. More generically, the term can be used to refer to any step further along in the process.

Drawworks:
 The hoisting mechanism on a drilling rig. It is essentially a large winch that spools off or takes in the drilling line and thus lowers or raises the drill stem and bit.

Drawworks Brake:
 The mechanical brake on the drawworks that can slow or prevent the drawworks drum from moving.

Drawworks Drum:
 The spool-shaped cylinder in the drawworks around which drilling line is wound or spooled.

Drill:
 To bore a hole in the earth, usually to find and remove subsurface formation fluids such as oil and gas.

Drill Ahead:
 To continue drilling operations.

Drill Bit:
 The cutting or boring element used in drilling oil and gas wells. Most bits used in rotary drilling are roller-cone bits. The bit consists of the cutting elements and the circulating element. The circulating element permits the passage of drilling fluid and utilizes the hydraulic force of the fluid stream to improve drilling rates.

Drill Collar Sub:
 A sub made up between the drill string and the drill collars that is used to ensure that the drill pipe and the collar can be joined properly.

Drill Collars:
 A heavy, thick-walled tube, usually steel, used between the drill pipe and the bit in the drill stem, used to stiffen the drilling assembly an put weight on the bit so that the bit can drill.

Drill cuttings:
 The small pieces of rock created as a drill bit moves through underground formations while drilling.

Drill Floor:
 Also called rig floor or derrick floor. See rig floor.

Drill In:
 To penetrate the productive formation after the casing is set and cemented on top of the pay zone.

Drill Pipe:
 The heavy seamless tubing used to rotate the bit and circulate the drilling fluid. Joints of pipe are generally approximately 30 feet long are coupled together by means of tool joints.

Drill Stem:
 All members in the assembly used for rotary drilling from the swivel to the bit, including the kelly, the drill pipe and tool joints, the drill collars, the stabilizers, and various specialty items. Compare drill string.

Drill Stem Test (DST):
 A method of formation testing. The basic drill stem test tool consists of a packer or packers, valves or ports that may be opened and closed from the surface, and two or more pressure-recording devices. The tool is lowered on the drill string to the zone to be tested. The packer or packers are set to isolate the zone from the drilling fluid column.

Drill String:
 The column, or string, of drill pipe with attached tool joints that transmits fluid and rotational power from the kelly to the drill collars and the bit. Often, the term is loosely applied to include both drill pipe and drill collars.

Drillable:
 Pertaining to packers and other tools left in the wellbore to be broken up later by the drill bit. Drillable equipment is made of cast iron, aluminum, plastic, or other soft, brittle material.

Drillable Packer:
 A permanent packer that can only be removed by drilling it out.

Driller:
 The employee normally in charge of a specific (tour) drilling or workover crew. The driller’s main duty is operation of the drilling and hoisting equipment, but this person may also be responsible for downhole condition of the well, operation of downhole tools, and pipe measurements.

Driller`s Console:
 The control panel, where the driller controls drilling operations.

Driller’s Position:
 The area immediately surrounding the driller’s console.

Drilling Contract:
 An agreement made between a drilling company and an operating company to drill a well. It generally sets forth the obligation of each party, compensation, identification, method of drilling, depth to be drilled, and so on.

Drilling Crew:
 A driller, a derrickhand, and two or more helpers who operate a drilling or workover rig for one tour each day.

Drilling Engine:
 An internal-combustion engine used to power a drilling rig. These engines are used on a rotary rig and are usually fueled by diesel fuel, although liquefied petroleum gas, natural gas, and, very rarely, gasoline can also be used.

Drilling Engineer:
 An engineer who specializes in the technical aspects of drilling.

Drilling Fluid:
 Circulating fluid, one function of which is to lift cuttings out of the wellbore and to the surface. It also serves to cool the bit and to counteract downhole formation pressure.

Drilling Hook:
 The large hook mounted on the bottom of the traveling block and from which the swivel is suspended.

Drilling Line:
 A wire rope hoisting line, reeved on sheaves of the crown block and traveling block (in effect a block and tackle), the primary purpose of which is to hoist or lower drill pipe or casing from or into a well.

Drilling Mud:
 A specially compounded liquid circulated through the wellbore during rotary drilling operations. See drilling fluid, mud.

Drilling Out:
 The operation during the drilling procedure when the cement is drilled out of the casing.

Drive Bushing:
 See kelly bushing.

Drive Chain:
 A chain by means of which a machine is propelled.

Drive Pipe:
 See conductor casing.

Drive-in Unit:
 A type of portable service or workover rig that is self-propelled, using power from the hoisting engines. The driver’s cab and steering wheel are mounted on the same end as the mast support; thus the unit can be driven straight ahead to reach the wellhead.

Drum (rope):
 A rotating cylinder with side flanges on which wire or other rope used in machine operation is wrapped.

Dry gas:
 The volume of gas remaining after all water and natural gas liquids have been removed.

Dry hole:
 Any exploratory or development well that does not find commercial quantities of hydrocarbons.

Dual Completion:
 A single well that produces from two separate formations at the same time. Production from each zone is segregated by running two tubing strings with packers inside the single string of production casing, or by running one tubing string with a packer through one zone while the other is produced through the annulus. In a miniaturized dual completion, two separate casing strings are run and cemented in the same wellbore.

Due Diligence:
 The process of gathering information about the condition and legal status of assets to be sold.

Dump Bailer:
 A bailing device with a release valve, usually of the disk or flapper type, used to place, or spot, material (such as cement slurry) at the bottom of the well.

E&P:
 Exploration and production. The 'upstream' sector of the oil and gas industry.

Ejectment:
 Action to regain possession or real property. This is a last-ditch effort that is used when there is no relationship between landlord and tenant.

Embossing:
 Pressure printing of an image without ink (a.k.a "blind" embossing") to produce a raised three dimensional effect (Also, a "cast paper print").

Eminent Domain:
 The government's right to condemn and acquire property for public use. The government must provide the owner fair compensation.

Endorsement:
 Signing one's name on the back of a check.

Engrave:
 In print design or image creation, cutting the lines directly into wood, metal, stone or lucite with a graver, burin or electric engraving tool.

Enhanced oil recovery (EOR):
 Refers to a variety of processes to increase the amount of oil removed from a reservoir, typically by injecting a liquid (e.g., water, surfactant) or gas (e.g., nitrogen, carbon dioxide).

EP - "editor`s proof":
 A print impression reserved for the editors, or cromists, who assisted in the creation of the edition with the artist.

Equity:
 Ownership interest in a corporation in the form of common stock or preferred stock. It also refers to total assets minus total liabilities, in which case it is also referred to as shareholder's equity or net worth or book value. In real estate, it is the difference between what a property is worth and what the owner owes against that property (i.e. the difference between the house value and the remaining mortgage or loan payments on a house). In the context of a futures trading account, it is the value of the securities in the account, assuming that the account is liquidated at the going price. In the context of a brokerage account, it is the net value of the account, i.e. the value of securities in the account less any margin requirements.

Ownership interest in a corporation in the form of common stock or preferred stock.

Total assets minus total liabilities; here also called shareholder's equity or net worth or book value.

The value of a property minus the owner's outstanding mortgage balance.

Fairness in law.

Escrow:
 A written agreement among parties, requiring that certain property/funds be placed with a third party. The object in escrow is released to a designated entity upon completion of some specific occurrence.

Estate Sale:
 The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.

Estoppel Certificate:
 A legal instrument executed by the one taking out the mortgage (i.e., mortgagor). The owner of a property may require an individual leasing a property to sign an estoppel certificate, which verifies the major points (e.g., base rent, lease commencement and expiration) existing lease between the landlord and tenant.

Eviction (Actual):
 Physical removal of a tenant either by law or force.

Eviction (Constructive):
 The landlord or his agents disturb the tenant, rendering the leased space unfit for the tenant's previous use.

Eviction (Proceeding):
 A legal proceeding by the landlord to remove a tenant.

Exclusive Agency:
 An agreement in which one broker has exclusive rights to represent the owner or tenant. If another broker is used, both the original and actual broker are entitled to leasing.

Execudit:
 Lettering on a print, from Latin meaning "he issued", or published.

Exploratory well:
 A hole drilled: a) to find and produce oil or gas in an area previously considered unproductive area; b) to find a new reservoir in a known field, i.e., one previously producing oil and gas from another reservoir, or c) to extend the limit of a known oil or gas reservoir.

Face Value:
 The face value of a life insurance policy is the death benefit. In the case of so-called "double indemnity" life insurance policies, the beneficiary receives double the face value in case of accidental death.

Facsimile:
 In the 19thC, skilled workshops were set up to faithfully recreate (but not "interpret") hand-worked images such as paintings for mass distribution. The primary technique they used was wood engraving (see also Xylograph). This highly organized, labor intensive factory method of reproduction was dealt a deadly blow with the advent of photography.

Fading:
 The progressive deterioration of the color or color balance of an image because of light exposure.

Fecit:
 Lettering on a print, from Latin meaning "he made", usually referring to the engraver or etcher who worked the image onto the plate.

Fiduciary:
 A person who represents another on financial/property matters.

Field:
 An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.

Fillet:
 In framing, any spacer device that is placed between the paper and the glass to prevent contact.

Fixtures:
 Personal property so attached the land or building (e.g., improvements) it is considered part of the real property.

Foreclosure:
 The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.

Formation damage:
 The reduction in permeability in reservoir rock due to the infiltration of drilling or treating fluids into the area adjacent to the wellbore.

Foul Biting:
 In etching, an overbitten area in which the metal surface becomes so eaten away or the lines undercut in the acid bath that the image loses definition and eventually crumbles. Foul biting usually occurs because of lines being etched too close together, or the acid solution being too aggressive or the acid bath timing being miscalculated, or the etching ground being poorly prepared or applied. However, it can also be used with artistic intent, because of the resultant dramatic grain in the exposed area when printed.

Foxing:
 Yellow to brownish spots (a mold) which can appear over time on paper, caused by impurities in the paper reacting with atmospheric conditions, particularly humidity, and exacerbated by non-conservation framing. Often easy to restore.

Frac:
 A method used to increase the deliverability of a (Fracturing) production or underground storage well by pumping a liquid or other substance into a well under pressure to crack (fracture) and prop open the created fracture with sand to provide a conduit for the hydrocarbons to easily travel from considerable distances out in the reservoir into the well bore.

Fracturing:
 The application of hydraulic pressure to the reservoir formation to create fractures through which oil or gas may move to the wellbore.

Gas-to-Liquids (GTL):
 The conversion of natural gas to a liquid form so that it can be transported easily. Typically, the liquid is converted back to natural gas prior to consumption.

Giclee:
 Translated from French as "sprayed ink," this is sophisticated print making process. It is capable of producing millions of colors using continuous-tone technology. This can also be called an Iris print. These are often made from photographic images of paintings in order to produce high quality, permanent reproductions. The extra fine image resolution permits retention of a high degree of fine detail and allows deeply saturated coloring. It is also used for reproducing fine art photography. This is an economical way for artists to produce small quantities of limited editions.

Gouge:
 A V or U shaped cutting tool used for wood and lino cuts.

Grace Period:
 Additional time allowed to complete an action (e.g., make a payment) before a default or violation occurs.

Grain:
 The surface of wood, stone or paper, which must be taken into account and accommodated before the work begins. Also: The general patterned effect of etched or aquatinted or otherwise dotted areas in the printed result.

Graphics:
 A generic term applied not only to line drawings, but also to all categories of original prints.

Gravity:
 A standard adopted by the American Petroleum Institute for measuring the density of a liquid. Gravity is expressed in degrees with lower numbers indicating heavier liquids and higher numbers indicating lighter liquids.

Grisaille:
 A work rendered in monochromes (French: "grey").

Gross Lease:
 A lease of property whereby the landlord (i.e., lessor) pays for all property charges usually included in ownership. These charges can include utilities, taxes, and maintenance, among others.

Half Tone:
 Gradations in the dark-light continuum achieved on the printing plate using specialized tools, techniques and/or chemical solutions. (See also aquatint, sugar lift, dotted manner, splatter technique.)

Hand Embellished:
 Limited edition prints that the artist has taken aside and highlighted features of the work or added new material to the print. They are signed and more valuable than a standard signed print.

HC or Hors Commerce:
 Prints in an edition designated as "not for retail". Usually reserved for the publisher and shouldn't exceed 5% of the total edition size.

Heliograph or Heliogravure:
 A photomechanical process used to create an intaglio plate by applying a photosensitive gel to the plate, which is then exposed to light.

Holdover Tenant:
 A tenant who remains in possession of leased property after the lease term expiration.

Impression:
 A print taken from a plate, stone or wood block.

Impressit (also Imp):
 Lettering on a print, from Latin that denotes "he printed".

Incidit (also Incid. Inc.):
 Lettering on a print, from Latin that denotes "he engraved".

Income:
 For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. Income is the reason corporations exist, and are often the single most important determinant of a stock's price. Income is important to investors because they give an indication of the company's expected futuredividends and its potential for growth and capital appreciation. That does not necessarily mean that low or negative earnings always indicate a bad stock; for example, many young companies report negative income as they attempt to grow quickly enough to capture a new market, at which point they'll be even more profitable than they otherwise might have been. also called earnings.

Incompetent:
 An individual who is unable to handle his own affairs by reason of some medical condition (e.g., insanity, Alzheimer's).

Incunabula:
 (from Latin "cradle") Prints from the earliest historical stages or waypoints of print development, such as the "Nurnburg Chronicles" and its moveable type. Any printed work before 1500 is generally referred to as incunabula.

Inking:
 The process of applying ink to the relief areas of a woodblock, the incised parts of an intaglio plate, the grease markings on a litho stone, or the scraper method in silkscreen.

Instrument:
 A written legal document created to secure the rights of the parties participating in the agreement.

Insurance:
 A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.

Insurance Premium:
 The specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time. The premium is paid by the insured party to the insurer, and primarily compensates the insurer for bearing the risk of a payout should the insurance agreement's coverage be required.

Intaglio:
 The printing process whereby the image is lifted under the great pressure of the press from the ink pocketed in the engraved or etched grooves of a metal plate, and thereby transferred onto dampened paper which has been placed over the plate.

Intangible Completion Costs:
 All of the costs incurred by the joint venture in completing of the oil and gas well to be drilled by the joint venture which are to be paid by the joint venture and which may be deducted for federal income tax purposes to the exercise of the option provided under Section 263(c) of the Code.

Intangible Drilling Costs:
 All of the costs incurred by the joint venture in drilling of the oil and gas well to be drilled by the joint venture which are to be paid by the joint venture and which may be deducted for federal income tax purposes to the exercise of the option provided under Section 263(c) of the Code.

Integrated:
 When applied to an oil company, it indicates a firm that operates in both the upstream and downstream sectors (from exploration through refining and marketing).

Interest Rate:
 A rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal. Interest rates often change as a result of inflation and Federal Reserve policies. For example, if a lender (such as a bank) charges a customer $90 in a year on a loan of $1000, then the interest rate would be 90/1000 *100% = 9%.

Inventit (also Inv. or In.):
 Lettering on a print, from Latin to denote "he designed" (the concept).

Irrevocable:
 Incapable of being altered, changed, or recalled.

Japan Paper:
 A soft but strong and resilient tissue from the Orient used for mounting as well as for printing.

Joint Life With Last Survivor Annuity:
 An insurance product that, when annuitized, makes payments to the annuitant, the annuitant and his/her spouse, or the annuitant and another beneficial party until both the annuitant and his/her spouse have passed away. These annuities are not term certain, so they continue paying out to the annuitant, and whoever he or she designates to receive payments, until the death of the annuitant and the designated third party. The annuitant may also designate a beneficiary, who can, but doesn't have to be the same person as the designated third party.

Joint Survivorship Life Insurance:
 A type of life insurance policy that insures the lives of two people, typically a husband and wife. The death benefit proceeds are payable upon the second death and used to satisfy the estate tax. Available as either Whole Life or Universal Life, these policies feature premiums that are often less expensive than buying two separate policies. Also referred to as Joint and Last Survivorship Life Insurance or Survivorship Life Insurance.

Joint Tenancy:
 Ownership of real property by two or more individuals, each of whom has an undivided interest with the right of survivorship.

Joint Venture:
 Term used to describe a specific oil and gas investment project.

Joint Venturers:
 Any persons, firms, corporations or other entities that are admitted into a joint venture either as additional or substitute joint venturers and that are then owners of a unit or units in a joint venture.

Judgement:
 A formal decision issued by a court relating to the specific claims and rights of the parties to an act or suit.

Key Block:
 The primary or master block, which contains the main outlines of the image. This anchor image is progressively filled in with the overprinting of other blocks in different colors.

Laid Paper:
 Hand made paper with the characteristic parallel grid pattern (the impression from the interwoven mould or matrix used in the paper making process). Imitated in machine- produced paper via the cylindrical "dandy roll".

Landlord:
 One who rents property to a tenant.

Lease:
 A legal document conveying the right to drill for oil and gas, or the tract of land on which a lease has been obtained where the producing wells and production equipment are located.

Lease (Commercial):
 A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).

Leasehold:
 The estate or interest a tenant has as stated in the tenant's lease.

Lessee:
 An individual (i.e., tenant) to whom property is rented under a lease.

Lessor:
 An individual (i.e. landlord) who rents property to a tenant via a lease.

Letter of Intent (LOI):
 An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.

Lettering:
 All the original printed inscriptions on the print relating to the image, such as "inventit"', "impressit", copyright, perhaps even the original dealer's name, etc.

Letterpress:
 Generic category for all forms of relief printing, as a distinct grouping from lithography, screen printing etc.

Life Annuity:
 An insurance product that features a predetermined periodic payout amount until the death of the annuitant. These products are most frequently used to help retirees budget their money after retirement. Typically, the annuitant pays into the annuity on a periodic basis when he or she is still working. However, annuitants may also buy the annuity product in one large purchase. When the annuitant retires, the annuity makes periodic (usually monthly) payouts to the annuitant, providing a reliable source of income. When a triggering event (such as death) occurs, the periodic payments from the annuity usually cease. Because of the complex nature of annuity products and their implications for the annuitant's standard of living, people are well advised to consult a reputable professional before purchasing any annuity product. Due to the tax-preferred nature of annuities, very wealthy investors or above-average income earners often use these life insurance products to transfer large sums of money or to mitigate the effects of taxes on their annual income.

Life Expectancy:
 Also referred to as the average life span. It is used mainly by insurance companies to determine your premium. The IRS life expectancy tables are used to calculate the RMD for retirement account owners and their beneficiaries.

Life Insurance:
 A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.

Life Settlement:
 The selling of one's life insurance policy to a third party for a one time cash payment. The purchaser then becomes the beneficiary of the policy and begins paying the premiums. Typically the purchaser is an experienced institutional investor, and policies will have face amounts in excess of $250,000. A life settlement is similar to a "viatical settlement". Life settlements are usually only done when the insured person doesn't have a known life-threatening illness. They are often done with "key individual" insurance policies held by companies on executives who no longer work there; the company has a chance to cash out on a policy that was previously illiquid. Sometimes people outgrow their need for a specific life insurance policy, and a life settlement may offer the chance to gain more than the policy's cash surrender value.

Lifting costs:
 The cost of producing oil from a well or lease.

Light Staining:
 With prolonged exposure to light an artwork will deteriorate and can acquire a darkened and/or stained appearance.

Linocut:
 Print taken from an incised linoleum tile using the planographic printing method.

Listing:
 An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.

Listing Agreement:
 A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.

Listing Broker:
 A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede his/her listing agreement.

Lith:
 Lith.: Lettering on a print, abbreviation of "lithographit" (from Latin = "he drew on stone".)

Lithograph:
 Printing process from a prepared flat stone, metal or plastic plate. A drawing is made on the surface with a crayon or tusche (black liquid used most with a brush or pen, lithographic ink), then washed with water. When ink or pigment is applied to the plate, it sticks to the greasy sections of the plate (represented by the crayon or tusche) allowing a print to be made. The artist or a print maker under the artist's supervision then covers the plate with paper or fabric and runs it through a press. Color is transferred. Each color is applied by a seperate plate in the process.

Lithotint:
 A lithographic technique that imitates a wash drawing.

Log:
 To conduct a survey inside a borehole to gather information about the subsurface formations; the results of such a survey. Logs typically consist of several curves on a long grid that describe properties within the wellbore or surrounding formations that can be interpreted to provide information about the location of oil, gas, and water. Also called well logs, borehole logs, wireline logs.

Loss:
 A reduction in the value of an investment.

A condition in which a company's expenses exceed its revenues. Opposite of profit.

Loss Factor:
 What percentage of the gross area of a space is lost due to walls, elevator, etc. Rule of thumb in Manhattan is approximately 15%.

Lot:
 An item or grouping of items to be sold at auction.

Maculature:
 Pulling a second proof without re-inking the plate in order to thoroughly clear away residual ink.

Mandatory:
 A requirement that must be conformed to as specified in any written document.

Mark:
 A personal logo that serves as the artist's signature on a print (Whistler used a butterfly as his mark). Also: a stamp or collector's mark that identifies the previous owner of a print, often au verso.

Market Price:
 The actual selling or leasing price of a property.

Market Value:
 The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.

Matte (also Passepartout):
 A cardboard or paper, ideally of conservation or archival quality, with a cutout window that frames the print and protects it from touching the glass as well as providing an aesthetic element.

Maturity:
 The date on which a debt becomes due for payment. Also called maturity date.

MCF:
 Abbreviation for a thousand cubic feet of natural gas.

Meeting of the Minds:
 When all individuals to a contract agree to the substance and terms of that contract.

Mezzotint:
 Intaglio printing process which works from dark to light: the whole surface is roughened with spiked rockers whose action pits the metal from all angles and provides a stubbled background that prints as a rich and velvety black. Stage two of the process involves bringing forth an image using a burnisher and scraper, which now flattens different areas of the rough burr background. When printed this creates dramatic areas of highlight and half ton, which defines the image.

Midstream:
 A term sometimes used to refer to those industry activities that fall between exploration and production (upstream) and refining and marketing (downstream). The term is most often applied to pipeline transportation of crude oil and natural gas.

Minimum Opening Bid:
 The lowest acceptable amount at which the bidding must commence.

Minor:
 A person under a legal age, usually under 18 years old.

MMCF:
 Abbreviation for a million cubic feet of natural gas.

Mobile:
 A construction made of objects that are balanced and arranged on wire arms and suspended so as to move freely.

Monoprint:
 The single, unique print produced by rubbing on a paper placed on an image freshly painted on a polished glass surface or metal plate.

Montage:
 The superimposition of various elements (e g.. photomechanical design elements overlayed onto a silk screened image).

Mount:
 A protective backing, usually cardboard or heavy quality paper, preferably archival, attached to an artwork to provide both stiffening and protection from the backboard.

Multi-Property Auction:
 A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.

Multi-Seller Auction:
 Properties owned by many sellers, offered through a common promotional campaign are auctioned in a single event.

Multiple Editions:
 Different editions of the same image, but on paper differing in quality, type of paper, and/or size; or special editions published for a certain country, or a special bound book edition. The catalogue raisonnee will document all of this.

Multiple Listing:
 An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker's listings to the attention of the other members so that if a lease results, the commission is divided between the broker bringing the listing and the broker making the lease.

Natural gas liquids (NGL):
 The portions of gas from a reservoir that are liquified at the surface in separators, field facilities, or gas processing plants. NGL from gas processing plants is also called liquified petroleum gas (LPG).

Net Income:
 In business, what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company’s revenues. Net income is sometimes called the bottom line. Also called earnings or net profit.

For an individual, gross income minus taxes, allowances, and deductions. An individual's net income is used to determine how much income tax is owed.

Net Lease:
 Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the rented property, including maintenance.

Net Revenue:
 That revenue available from the sale of oil and gas after royalties and (NRI) operating costs, including taxes.

Net Revenue Interest:
 The percentage of production to which a working interest owner is entitled after deducting costs such as royalties.

For example, revenue interest could be 1.25% for a 1 unit subscription.

Non-Accredited Investors:
 Persons or entities who do not satisfy one or more of the alternative definitions of the term "Accredited Investor" and who, by virtue of their financial resources acumen, satisfy a joint venture manager or its authorized representatives that such investors satisfy the suitability standards imposed by Rule 506 of Regulation D and otherwise meet the finanacial investment standards so required by each joint venture manager.

Non-associated gas:
 Natural gas produced from a reservoir that does not contain significant quantities of crude oil.

Non-Disturbance Agreement:
 The tenant signs this to prevent himself from being evicted if the property owner does not pay its mortgage to the bank.

Notary Public:
 A public officer who is authorized to witness and verify certain documents (e.g., contracts, deeds, mortgages). Also, an affidavit may be sworn before this public officer.

Obligee:
 The person who will receive the outcome of an obligation.

Obligor:
 An individual who has engaged to perform an obligation to another person (i.e., obligee).

OCS:
 Outer Continental Shelf, a term used primarily in the U.S. for the offshore areas under federal jurisdiction.

Offset:
 See "Counterproof".

Offset Lithography:
 The transfer of any image in the lithographic printing process through an intermediary, such as the rubber blanket roller of the offset press machine. A great advantage is that as the image is transferred from plate to blanket to paper (or "offset"), the final image is not reversed. One of the four major "commercial" printing methods (see also letterpress, photogravure and screen printing).

Oil Paint:
 Slow drying paint made when pigments are mixed with an oil, linseed oil being most traditional. The oil dries with a hard film, and the brightness of the colors is protected. Oil paints are usually opaque and traditionally used on canvas. They can have a matte, semi-gloss, or glossy finish.

Oleograph:
 A color lithograph varnished and impressed with a grainy texture to simulate an oil painting, especially popular in the C.19.

On-site Auction:
 An auction conducted on the premises of the property being sold.

Open Listing:
 A listing given to any broker without liability to compensate any broker except the one who first secures a buyer who is ready, willing, and able to meet the terms of the listing, or secures the acceptance by the landlord of a satisfactory offer; the lease of the property automatically terminates the listing.

Opening Bid:
 The first bid offered by a bidder at an auction.

Operating Costs:
 In respect to any time period, all cash costs and expenses of the joint venture in any period, including, without limitation, all costs incurred in connection with the operation and maintenance of the joint venture and the venture well.

Option:
 A right given to purchase or lease a property upon specified terms within a specified time. If the right is not exercised, the option holder is not subject to liability for damages. If the holder of the option exercises it, the grantor of option must perform the option's requirements

Original Print:
 A print whose concept and execution on the plate is, by strictest definition, done entirely by the artist, who usually signs and numbers the resulting limited edition. This is distinct from an "arm's length reproduction" which occurs with the transfer from one technique to another, such as the offset printing of a photograph of a painting. Direct involvement by the artist is key here. In addition, the "original" image as such exists only as the final printed version from the printed plate or combination of plates.

Overriding Royalty Interests:
 Non-operating interests in oil and gas leases which entitle the owner thereof to receive a share in the production from any oil and gas wells drilled on the property to which such interests are subject without being obligated to pay any of the drilling, testing, completion or operating costs related thereto.

Painting:
 Works of art made with paint on a surface. Often the surface, also called a support, is either a tightly stretched piece of canvas or a panel. How the ground (on which paint is applied) is prepared on the support depends greatly on the type of paint to be used. Paintings are usually intended to be placed in frames, and exhibited on walls, but there have been plenty of exceptions.

Passive Income:
 Income that does not require active participation.

Per Annum:
 The amount of return on investment each year.

Percentage Lease:
 A lease of property in which the rent is based upon the percentage of the sales volume made on the specific premises. There is usually a clause for a minimum rent as well.

Permanent Life Insurance:
 An umbrella term for life insurance plans that do not expire (unlike term life insurance) and combine a death benefit with a savings portion. This savings portion can build a cash value - against which the policy owner can borrow funds, or in some instances, the owner can withdraw the cash value to help meet future goals, such as paying for a child's college education. The two main types of permanent life insurance are whole and universal life insurance policies. Permanent life insurance policies enjoy favorable tax treatment. The growth of cash value is generally on a tax-deferred basis, meaning that you pay no taxes on any earnings in the policy so long as the policy remains active. Provided you adhere to certain premium limits, money can be taken out of the policy without being subject to taxes since policy loans generally are not considered taxable income. Generally, withdrawals up to the amount of premiums paid can be taken without being taxed.

Permeability:
 A measure of the ability of a rock to transmit fluid through pore spaces.

Personal Property:
 Any property which is not real property. Examples include furniture, clothing, and artwork.

Photography:
 The art, craft, and science of producing permanent images of objects on light-sensitive surfaces. Most popular forms include black and white, full color and hand tinted.

Pinxit: (also "pinx"):
 Lettering on a print (from Latin Pinx = "he painted it") that denotes the original artist of the work for, or from, which the plate was made.

Planographic:
 A print taken from a level surface (lithograph or silk screen).

Plate:
 The printing matrix, originally of metal, but also used to designate the lithographic stone, or the glass matrix in the collograph and in photography.

Plate Mark:
 The indented line that occurs around a printed image caused by the intense pressure of the press on the plate and thence onto the dampened printing paper.

Plugged and abandoned (P&A):
 A depleted well or dry hole that has been (typically) filled with cement and marked, with all surface equipment removed.

PMI (Private Mortgage Insurance):
 PMI (Private mortgage insurance) is paid by a borrower to protect the lender in case the borrower defaults on the loan. PMI is required when the downpayment is less than 20% of the property's market value.

Pochoir:
 A French process where color is manually applied to a print through a series of carefully cut metal templates. Many artists of the School of Paris (Ecole de Paris) used this technique.

Policy Loan:
 A loan issued by an insurance company that uses the cash value of a person's life insurance policy as collateral. Sometimes referred to as a "life insurance loan." Traditionally, these were loans issued at a very low interest rate, but that is no longer universally true. If the borrower fails to repay the loan, the money is withdrawn from the insurance death benefit.

Porosity:
 A ratio between the volume of the pore space in reservoir rock and the total bulk volume of the rock. The pore space determines the amount of space available for storage of fluids.

Positive and Negative:
 As adopted from photographic terminology - a positive design is black on white; a negative is white on black.

Power of Attorney:
 A written instrument duly signed and executed by an individual which authorizes an agent to act on his behalf to the extent indicated in the document.

PP - "printer`s proof":
 These pieces are designated for the printers or printing studios (atelier). They are usually released after the regular edition and other proofs are sold out.

Preview:
 Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.

Principal:
 The employer (e.g., landlord) of an agent or broker. This is the agent's or broker's client.

Printing Presses:
 Three of the four main types of the printing process require a specific type of press: (a) the Relief or Typographic (Platen) press (b) the Intaglio (roller bed) press (which can also be adapted for the relief print) and (c) the Planographic press, which relates to both lithography and offset lithography. (The fourth type of printing, silk screen, does not involve a press.) Each press can vary according to its manufacturer, country of origin and historical period. For each type of press it is the manual version that is most frequently used by the studio artist.

Private Placement Offerings (PPO):
 The sale of securities directly to institutional investors, such as banks, mutual funds, insurance companies, pension funds, and foundations. Does not require SEC registration, provided the securities are bought for investment purposes rather than resale, as specified in the investment letter.

Produced water:
 The water extracted from the subsurface with oil and gas. It may include water from the reservoir, water that has been injected into the formation, and any chemicals added during the production/treatment process. Produced water is also called “brine” (and may contain high mineral or salt content) or “formation water.” Some produced water is quite fresh and may be used for livestock watering or irrigation (where allowed by law).

Producing Well:
 Wells capable of producing oil or gas in commercial quantities, including those wells capable of producing in commercial quantities that are shut in, or wells which are not currently producing in commercial quantities but have been commercially productive wells in the past.

Profit:
 The positive gain from an investment or business operation after subtracting for all expenses. Opposite of loss.

Proof:
 (see Artist's Proof and State Proof)

Proof Before Lettering (Avant Le Lettre):
 An impression taken before the lettering on the plate (notations re: artist, engraver, printer, etc.) has been made.

Property:
 That which is legally owned by an individual or entity.

Provenance:
 A history of a print's ownership or stewardship (e.g. libraries, museums, etc.) sometimes traceable back to the time it was first printed.

Quiet Enjoyment:
 The right of an landlord or tenant to use the property without disturbances.

Rate of Return:
 The annual rate of return on an investment, expressed as a percentage of the total amount invested. Also called return.

Re-strike:
 Any reprint of a plate made after the main edition, unsigned and unnumbered - often after the artist's death. While a re-strike is always made from the original plate, it is often an inferior impression owing to plate wear and fatigue.

Real Estate Board:
 An organization whose members consist primarily of real estate professionals such as brokers.

Real Estate Syndicate:
 When partners (either with or without unlimited liability) form a partnership to participate in a real estate venture.

Real Property:
 Land and any capital improvements (e.g., buildings) erected on the property.

Realtor:
 A coined word which may only be used by an active member of a local real estate board, affiliated with the National Association of Real Estate Boards.

Registration:
 The alignment of the various plates used in multiple plate color printing, so that each plate prints in the correctly co-ordinated position. In intaglio printing and lithography the paper is lined up with pins pushed through tiny holes that correspond to matching pinholes in the metal plate or litho stone.

Regulation D:
 Rules 501 through 506 of the SEC as adopted pursuant to Section 4(2) of the Act.

Relief Print:
 Only the raised parts of the block are inked with a roller and the carved out or incised areas are left empty. This is opposite to intaglio printing where only the grooves are inked.

Rent:
 Compensation from tenant to landlord for the use of real estate.

Reproductions:
 A print is called a reproduction if it has been made by someone other than the original artist of the conceptual design. A reproductive print often passes through a series of reproductive processes such as a lithographic print of a photograph of an oil painting. Nowadays some artists are a willing party to putting out a limited edition of such a sequence, which are also duly signed and numbered. The rules concerning "originals" and "reproductions" are often bent and expanded, so it is definitely a case of caveat emptor. The best way to distinguish between "originals" and "reproductions" is to arm yourself with knowledge and experience.

Reserve:
 The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price.

Reserve Auction:
 An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See also Auction With Reserve.

Resist:
 The waxy or greasy ground which, when bonded to a metal plate, does not allow (resists) the penetration of the acid etching solution. Resist is also used for "stopping out" i.e. protecting certain parts of the plate to allow for controlled deeper etching in other parts of the plate.

Restriction:
 A restriction, often specified in the deed, on the use of property.

Retroussage:
 An intaglio inking method of wiping the inked plate so that some of the ink is "dragged" out of the grooves and onto the plate surface, giving a softened and feathered printing result.

Return on Investment (ROI):
 The income that an investment provides in a year.

Reverse:
 An image is reversed in all printing procedures except for silk screen and offset lithography. Part of the artist's challenge is to learn to work in mirror image and to compensate for this. (It eventually becomes second nature.)

Revocation:
 An act of rescinding power previously authorized.

Ringman:
 Person responsible for assisting with the auction, most often watching the crowd for bids.

Rocker:
 The serrated, half-moon-shaped tool that is rocked back and forth in all directions over the entire plate in order to create the roughened surface for the mezzotint.

Roulette:
 The engraver's tool comprising of a revolving wheel and serrated edge of various widths and designs that is used to create dots on the plate, either directly, as in dry point, or indirectly on an etching "ground".

Royalty:
 A percentage interest in the value of production from a lease that is retained and paid to the mineral rights owner.

Screen Printing, Silk Screen, or Serigraph:
 A print produced by the process of inking a stencil with a squeegee through a silk mesh screen.

Sealed Bid:
 A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.

SEC:
 The Securities and Exchange Commission.

Seller:
 Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.

Separation:
 The process of separating liquid and gas hydrocarbons and water. This is typically accomplished in a pressure vessel at the surface, but newer technologies allow separation to occur in the wellbore under certain conditions.

Sericel:
 An image which may or may not have appeared in an animated film that has been printed -- by serigraphy -- onto an animation cel, usually as part of a limited edition. A sericel would not have been photographed in the making of an animated film.

Serigraphy:
 A stencil method of printmaking. The image is imposed on a screen of silk or other fine mesh. Blank areas of the screen are coated with an impermiable substance. The ink or pigment in the process is forced through the mesh on to the printing surface. Each color in the process is created using a seperate screen.

Shut in:
 To close valves on a well so that it stops production, or a well on which the valves have been closed.

Situs:
 The location of a property.

Size:
 A gelatin additive that is included in the paper making process to give the final product a heightened integral strength and stiffness, as well as a certain amount of water resistance.

Soft Ground Etching:
 The process in which a drawing is made on a sheet of paper placed on a plate covered with "soft" (i.e. pliant) ground. Removal of the paper means that the soft ground adheres to the back of the paper where the sketched pressure marks occurred. The corresponding exposed area on the metal plate can now be etched.

Sour crude oil:
 Oil containing free sulfur or other sulfur compounds whose total sulfur content is in excess of 1 percent.

Sour gas:
 Natural gas containing hydrogen sulfide.

Spacing:
 The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres, e.g., 40-acre spacing, and is often established by regulatory agencies.

Specific Performance:
 When a court requires a defendant to carry out the terms of an agreement or contract.

Splatter:
 A method of creating the image in lithography. Litho ink is brushed through a screen so that it "splatters" onto the stone. The printed result, depending on the size and proximity within the dotted effect, gives half tones and pastels.

Square Feet:
 The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.

States (State Proof):
 At different stages in the creating of a plate the artist will check his progress by test printing or taking a "state" proof. A state will always differ in some way, even if minute, from the final edition image.

Statute:
 A law established by an act of a legislature.

Statute of Frauds:
 State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.

Statute of Limitations:
 A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.

Steel Facing:
 A process of strengthening a copper plate for a printing edition size of, say, larger than 20. Since copper is a relatively soft metal, electrolysis is used to apply a thin layer of steel to the copper, which extends the life of image excised on the plate. Now the finished product, the print, has a guarantee of uniformity for the whole edition.

Steel Plates:
 Although even Durer used steel plates occasionally, they only came into general use in 1810, mainly for mezzotint and engraving. The steel plate produces a particularly sharp, clean, often extremely fine line and is characteristically easy enough to identify.

Stimulation:
 The term used for several processes to enlarge old channels, or create new ones, in the producing formation of a well designed to enhance production. Examples include acidizing and fracturing.

Stipple:
 An intaglio process in which half tone is achieved by adding numerous dots. (See also Dotted Manner, Roulette).

Subagent:
 An agent of an individual already acting as an agent of a principal.

Subletting:
 The leasing of space from one tenant to another tenant.

Subscribing Witness:
 The witness to the execution of an instrument who has written his name as proof of seeing such execution.

Subscription Agreement:
 An application by an investor to join a limited partnership. In most cases, the investor will have to fill out a form created by the general partner evaluating the investor's suitability for the investment in the partnership. Note:
All limited partners must be approved by the general partner. Becoming a limited partner rather than a partner is an attractive option since it means the investor's liability is limited to the amount he or she has invested in the partnership.

Sugar Lift:
 A method using sugar granules as part of the "resist" which splits and crumbles when immersed in water. This process lays bare on the plate those areas to be subsequently aquatinted.

Surface Tone:
 If a plate is not completely wiped after its application to an intaglio plate, the film that is left behind creates a delicate surface tone in the printing. This lends a softened quality to the print.

Surrender:
 The cancellation of a lease by mutual consent of the tenant and the landlord.

Surrender Fee:
 A charge levied against an investor for the early withdrawal of funds from an insurance or annuity contract, or for the cancellation of the agreement. Surrender fees act as an economic incentive for investors to maintain their contract, and they allow the insurance company to have reasonable expectations for the frequency of early withdrawals. Also referred to as a "surrender charge". Surrender fees vary among insurance companies and among annuity and insurance contracts, but a typical annuity surrender fee could be set as a 10% (of the funds contributed to the contract) charge levied for withdrawal in the first year. For each successive year of the contract, the surrender fee could drop by 1%, for example, effectively giving the annuitant the option of no-penalty withdrawal after 10 years in the contract.

Surrender Value:
 The sum of money an insurance company will pay to the policyholder or annuity holder in the event his or her policy is voluntarily terminated before its maturity or the insured event occurs. This cash value is the savings component of most permanent life insurance policies, particularly whole life insurance policies. Also known as "cash value", "cash surrender value" and "policyholder's equity". Cash surrender value applies to the savings element of whole life insurance policies that are payable before death. However, during the early years of a whole life insurance policy, the savings portion brings very little return compared to the premiums paid.

Tanks:
 When the drilling, testing, completing and equipping of a well is finished the well is said to be completed "to the tanks".

Tax Lien:
 Claim made by a federal or local government agency against a taxpayer's property for delinquent or overdue taxes. The tax lien is effected through tax assessment, demand, and failure to pay. In some cases, a lien may be applied to property held by a third party. One the taxes are paid, the lien is released.

Tenancy at Will:
 A license to occupy or use lands and buildings at the will of the landlord.

Tenancy by the Entirety:
 An estate which exists only between husband and wife. Each has equal right of enjoyment and possession during their joint lives, and each has the right of survivorship.

Tenancy in Common:
 Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of survivorship.

Tenant Improvements:
 Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.

Tenants at Sufferance:
 An individual who comes to possess land via lawful title and keeps it in perpetuity without any title.

Term Life Insurance:
 A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, in which duration extends until the policy owner reaches 100 years of age (i.e. death). These types of policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation.

Terms:
 The period of time that an agreement is in effect.

Terms and Conditions:
 The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale.

Three-Dimensional Assemblages:
 Built in deep shadow box frames, these images appear to have height, width, and depth. Most commonly, these assemblages are a series of layers of glass or serigraphic reproductions sandwiched together in a shadow box frame. An artist starts with a flat drawing or painting. On acetate panels, the artist redraws sections from the original work. Each panel is reproduced and elements are cut from the panels and hand-assembled. Layers of the hand-cut pieces are arranged and glued onto a flat print with adhesives.

Tie Bids:
 When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.

Tie-in Arrangement:
 A contract where one transaction depends upon another transaction.

Times the Money:
 A method of sale where multiple items in one given lot are sold per piece multiplied by the number of pieces. For example: if a lot has seven plates which are to be sold seven times the money and if the high bid is $1.00 the high bidder would pay $7.00 for the lot.

Tort:
 A wrongful act or violation of a legal right for which a civil action will lie.

Transfer Lithography:
 The process by which the artist draws an image with a grease pencil on a specially treated paper. This paper is then applied to the litho stone, wetted down, and in the process the paper disintegrates, leaving the greased image to adhere to the stone, which is now ready for inking and printing. The joy in this is that there is no image reversal, as well as allowing the artist to capture his inspiration without lugging about heavy litho stones.

Triple Net Lease:
 A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs.

Tusche:
 A grease-based ink of varying viscosities for drawing or brush painting onto litho plates or stones.

Under balanced drilling:
 Drilling under conditions where the pressure being exerted inside the wellbore (from the drilling fluids) is less than the pressure of the oil or gas in the formation.

Underground injection:
 The placement of gases or fluids into an underground reservoir through a wellbore. May be used as part of enhanced oil recovery or water flooding processes or for disposal of produced water.

Unit:
 A fixed measure of investment into a Joint Venture, the number of units offered is determined by each exploration company and project. For example, a subscription agreement may offer 20 units at $25,000 per unit.

Universal Life Insurance:
 A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums. Universal life insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings, allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a low return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.

Upstream:
 The exploration and production portions of the oil and gas industry.

Urban Property:
 Property in a city or a high-density area.

Valid:
 A binding situation that is authorized and enforceable by law.

Valuation:
 Estimated price, value, or worth. Also, the act of identifying a property's worth via an appraisal.

Variable Life Insurance Policy:
 A form of whole life insurance, variable life insurance provides permanent protection to the beneficiary upon the death of the policy holder. This type of insurance is generally the most expensive type of cash-value insurance because it allows you to allocate a portion of your premium dollars to a separate account comprised of various instruments and investment funds within the insurance company's portfolio such stocks, bonds, equity funds, money market funds and bond funds. In addition, because of investment risks, variable policies are considered securities contracts and are regulated under the federal securities laws; therefore, they must be sold with a prospectus.

Variance:
 Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.

Viatical Settlement:
 An arrangement in which someone with a terminal disease sells his or her life insurance policy at a discount from its face value for ready cash. The buyer cashes in the full amount of the policy when the original owner dies. Also referred to as a Life Settlement. This is extremely risky. The rate of return is unknown because it's impossible to know when someone will die. If you invest in a viatical settlement, you are basically speculating on death. Therefore, the longer the life expectancy, the cheaper the policy. But because of the time value of money, the longer the person lives, the lower your return.

Violation:
 Act, condition, or deed that violates the permissible use of property.

Waiver:
 The intentional relinquishment or abandonment of a specific claim, privilege, or right.

Wash:
 Diluted tusche or ink to produce half tones on litho stones or plates.

Water flooding:
 The injection of water into an oil reservoir to “push” additional oil out of the reservoir rock and into the well bores of producing wells.

Watercolor:
 Any paint that uses water as a medium. Paintings done with this medium are known as watercolors. When made opaque with white, watercolor is generally called gouache or bodycolor. Tempera is another exception. Colors are usually applied and spread with brushes, but other tools can also used. The most common techniques for applying watercolor are called wet-on-dry and wet-on-wet, along with the dry brush techniques dry-on-dry and dry-on-wet. Most watercolor painting is done on paper, but other absorbent grounds can also be employed.

Watermark:
 In the paper making process, a metal filigree symbol incorporated into the weave of the laid paper mould where the paper fibers cannot collect and coagulate. Hence, as the paper dries, the design emerges in the sheet of paper as a translucent or watery shadow image of the filigree symbol.

Well servicing:
 Maintenance work performed on an oil or gas well to improve or maintain the production.

Wellhead:
 The equipment at the surface of a well used to control the pressure; the point at which the hydrocarbons and water exit the ground.

Wet gas:
 Natural gas containing significant amounts of liquifiable hydrocarbons.

Whole Life Insurance Policy:
 A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against. As the most basic form of cash-value life insurance, whole life insurance is a way to accumulate wealth as regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred.

Wildcat well:
 A well drilled in an area where no current oil or gas production exists. Also called a “rank wildcat”.

Wood Engraving:
 Relief print made by cutting the image into the cross grain of a wood block using the engraver's tools such as burin.

Engraver's tools must be used because the cross grain presents a much tougher working surface than the broadside grain.

Wood Pulp Paper:
 Paper made with cellulose wood tissue, which is then bleached. Highly unstable because of the lignan content and therefore very unsuitable for printmaking.

Woodcut:
 Relief print made by cutting the image into the broadside grain of a wood block using a woodcutter's knives and tools.

Work Letter:
 An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.

Working Interest:
 The interest that provides its owners the right to explore for and produce oil and gas. It is a measurement, as a percentage, of the proportion of the costs of exploration and production borne by the working interest's owner.

For example, working interest could be 1.5% for a 1 unit subscription.

Workover:
 Operations on a producing well to restore or increase production. A workover may be performed to stimulate the well, remove sand or wax from the wellbore, to mechanically repair the well, or for other reasons.

Wove Paper:
 Hand or machine-produced paper using a wire mesh so tightly woven that no "laid line" pattern is left behind.

WTI:
 West Texas Intermediate, a type of crude oil commonly used as a price benchmark.

Xylography:
 Term for early professional/commercial wood engraving. (From Greek: Xylon = Wood)

Zincography:
 A 19th Century term for lithography using a zinc plate instead of stone. Both zinc and aluminum come closest to approximating the ink receptivity of the original litho matrix of stone.

Zone:
 An area, delineated by a governmental authority, which is authorized for and limited to specific uses.

Zoning Ordinance:
 A law by a local governmental authority (e.g., city or county) that sets the parameters for which the property may be put to use.