(n.) Drilling Fluids. The common name for potassium hydroxide [KOH]. Caustic potash is used in potassium-based water muds to increase pHand alkalinity and to help maintain the K+ ion concentration. As the name implies, it is highly caustic and gives off heat when dissolved in water. Caustic potash is hazardous to use without proper training and equipment. See: caustic soda, chemical barrel, hardness ion, potassium mud, salt, water mud