Abandonment of Properties. Nothing in this Conveyance shall obligate Assignor to continue to operate any Development Well or to operate or maintain in force or attempt to maintain in force any Subject Interest when such Development Well ceases to produce, or Assignor determines, in accordance with Section 8.01 above, that such Development Well or Subject Interest is not capable of producing Minerals in paying quantities. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or abandonment thereof.
Abandonment of Properties. Nothing in this Conveyance shall obligate Assignor to continue to operate any Well or to operate or maintain in force or attempt to maintain in force any Subject Interest when such Well or Subject Interest ceases to produce, or Assignor determines that such Well or Subject Interest is not capable of producing Minerals in paying quantities, or that such Well or Subject Interest is sufficiently unlikely to be made capable of producing Minerals in paying quantities such that additional operations are unwarranted, all in accordance with Section 8.01 above. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or abandonment thereof.
Abandonment of Properties. The Optionee may surrender or abandon any of the Properties, provided that notice of such proposed abandonment is given to the Optionor, who may elect, by notice to the Optionee within 60 days after the surrender or abandonment notice, to have such Properties transferred to it without warranty and at its own cost. Such Properties will be transferred and assigned to the Optionor as soon as possible following its election. Failing such election, the Properties may be abandoned or surrendered as proposed by the Optionee. Following a transfer or abandonment under this section, the Properties so transferred or abandoned will thereafter cease to form part of the Properties or the Area of Interest and will no longer be subject to this Agreement, except with respect to any obligations or liabilities of the Parties as have accrued to the date of such transfer or abandonment.
Abandonment of Properties. Nothing in this Development Agreement, other than the Reasonably Prudent Operator Standard, shall obligate Operator to continue to operate any Well or to operate or maintain in force or attempt to maintain in force any Subject Interest when such Well or Subject Interest ceases to produce, or Operator determines, in good faith and in accordance with the terms hereof, that such Well or Subject Interest is not capable of producing Gas in paying quantities. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or abandonment thereof. Any Well abandoned by Operator hereunder shall be plugged and abandoned, at Operator's sole risk and expense, in accordance with all applicable federal, state and/or local laws, statutes, rules and regulations.
Abandonment of Properties. Nothing herein contained shall obligate Grantor to continue to operate any well or maintain in force or attempt to maintain in force any of the Subject Interests when, in Grantor’s opinion, formed in accordance with the Prudent Standard, such well or Subject Interest ceases to produce or is not capable of producing oil or gas in paying quantities. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or abandonment thereof.
Abandonment of Properties. From and after satisfaction of the obligations under the Production Payment Conveyance, Grantor may elect at any time to terminate or abandon its interests in the Lands and the Taparko Processing Facility at any time as it may in its sole discretion deem appropriate, subject only to the provisions of this Section 4.5. In the event that Grantor wishes to abandon any or all of it interest in the Lands or the Taparko Processing Facility, except for cessation of operations under care and maintenance, Grantor shall provide Grantee with not less than forty-five (45) days prior notice of its intention to do so and offer to transfer such interests to Grantee. At any time during the forty-five (45) day period, Grantee may notify Grantor that it elects to accept transfer of such interests. In that event, Grantor shall transfer those interests to Grantee by quitclaim deed.
Abandonment of Properties. If either Participant desires to abandon, release or surrender its rights to a part of the Properties at any time, it shall notify the other Participant and offer to convey to the other Participant at no cost the part of those parts of the Properties it intends to abandon, release or surrender. If the other Participant does not accept the offer within thirty (30) days of the notice, the notifying Participant may abandon, release, or surrender that part of those Properties without liability or obligation to the other Participant for such abandonment, release or surrender but any liability for reclamation or to any third party arising before such event shall be unaffected. Properties that are abandoned, released, surrendered, or conveyed to the other Participant pursuant to this Section 6.3 shall cease to be part of the Properties and the Area of Interest.
Abandonment of Properties. Nothing herein contained shall obligate El Paso to drill or complete any Subject Well, to continue to operate any Subject Well, or to operate or maintain in force or attempt to maintain in force any of the Subject Leases when, in El Paso's reasonable opinion, such well or Subject Lease is not economical.
Abandonment of Properties. Nothing herein contained shall obligate Operating Partnership to drill any well, or to continue to operate any well or to operate or maintain in force or attempt to maintain in force any of the Leases when, in Operating Partnership's opinion, such well or Lease ceases to produce or is not capable of producing oil, gas or other minerals in paying quantities. The expiration of a Lease in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or abandonment thereof.
Abandonment of Properties. High River shall cause Somita to keep in force and effect its interests in the Lands and the Taparko Processing Facility until payment in full of both the Production Payment Conveyance and the Additional Production Payment Conveyance. From and after satisfaction of the obligations under such documents, Somita may elect at any time to terminate or abandon its interests in the Lands and the Taparko Processing Facility at any time as it may in its sole discretion deem appropriate, subject only to the provisions of this Section 4.5. In the event that Somita wishes to abandon any or all of it interest in the Lands or the Taparko Execution Version Processing Facility, except for cessation of operations under care and maintenance, High River shall cause Somita to provide Royal Gold with not less than forty-five (45) days prior notice of its intention to do so and offer to transfer such interests to Royal Gold. At any time during the forty-five (45) day period, Royal Gold may notify Somita that it elects to accept transfer of such interests. In that event, High River shall cause Somita to transfer those interests to Royal Gold by quitclaim deed.
