Wiktionary
n. A unit of volume equal to an acre times a foot, about 1233.5 kiloliters, or 66 feet by 660 feet by 1 foot.
WordNet
n. the volume of water that would cover 1 acre to a depth of 1 foot; 43,560 cubic feet or 1233.5 cubic meters
[also: acre-feet (pl)]
Wikipedia
Usage examples of "acre-foot".
I'd guess anywhere from ten to fifteen million acre-feet of water a year is flowing down there.
Water pulled by gravity and pushed by the increasing weight of each season’s rain sinking down until the aquifer became a solid river under tremendous pressure, millions upon millions of acre-feet of pure cold liquid waiting to pour out once the waterproof stratum over it was broken by a drill bit.
After they have bought the water rights then they must pay for every acre-foot they use.