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TeachMeFinance.com - explain First purchase (of crude oil) First purchase (of crude oil) The term 'First purchase (of crude oil)' as it applies to the area of energy can be defined as ' An equity (not custody) transaction commonly associated with a transfer of ownership of crude oil associated with the physical removal of the crude oil from a property for the first time (also referred to as a lease sale). A first purchase normally occurs at the time and place of ownership transfer where the crude oil volume sold is measured and recorded on a run ticket or other similar physical evidence of purchase. The volume purchased and the cost of such transaction shall not be measured farther from the well head than the point at which the value for landowner royalties is established, if there was a separate landowner'. Previous 5 Terms: firn Firn (Snow) Firn Line first detection First Law of Thermodynamics Next 5 Terms: First purchase price First Responder Fiscal Intermediary Fiscal year Fiscal Year About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.