Dirk- In answer to your direct question, condensates are paid on a per gallon basis and are generally more valuable than oil because less refining is required to turn those into all the different kinds of products that can be produced from it.
Designations for oil wells vs gas wells are determined by what is called at Gas to Oil Ratio, or GOR. Standard procedure is if the GOR is over 6,000 cubic feet per barrel, it is a gas well. If the GOR is less than that number, it is classified as an oil well.
Scientifically speaking, condensates are not oil as they are a byproduct of natural gas, even though you and I see condensates as a liquid so we associate them with oil. That is why there are different pricing variables to all three.
Hopes this helps.