Acreage

An area, measured in acres, that is subject to ownership or control by those holding total or fractional shares of working interests. Acreage is considered developed when development has been completed. A distinction may be made between "gross" acreage and "net" acreage:

• Gross - All acreage covered by any working interest, regardless of the percentage of ownership in the interest.
• Net - Gross acreage adjusted to reflect the percentage of ownership in the working interest in the acreage.

Area covered by a lease granted for oil and gas exploration and for possible future production.