recent efs sale, page-8

Hi akkopower:

I believe that "Net acres" and "working interest" are the same thing. For example, the RBS analysis in April 2012 uses "net acres" to describe TXN's 7,196 WI acres (stated in TXN's wryly report) of 7,712 gross acres.

Net acres, I think, reflects cost obligations as well as revenue from production and land sale that occurs on the property. Thus, TXN may be responsible for 93.3% of production costs and would receive the same percent (before royalties, taxes) of oil/gas production revenue and value of land sales on the 7,712 acres. Sometimes the percentage split is joint venture; other times it might be a "farm-in" arrangement where one firm receives a working interest in exchange for paying for initial drilling (I recall from events at another OZ oil firm).

"NRI" is net revenue interest, which is the working interest minus royalties owing (in the US, landowners apparently get a nice chunk of royalty from oil revenue on their land). So, TXN would get 61.6% of every dollar of revenue from the well.