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Oil and natural gas are frequently produced as a mixture, rising to the surface due to existing or artificially induced underground pressure. In most cases, petroleum at the surface is separated into oil, natural gas and water. Natural gas is metered and taken from the lease via pipeline and sold according to the terms of the applicable contracts. Oil is stored until sale, upon which time it is transported by truck, rail or pipeline. Oil is considered “sold” when it is removed from the lease.
Oil and natural gas are measured differently. Oil is measured using a "run ticket,” which standardizes oil volumes by adjusting for temperature, gravity and a factor known as BS&W (basic sediment and water).