ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Surrender of Leases:
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Surrender of Leases: The Leases associated with the Oil and Gas Interests covered by this Agreement shall not be surrendered in whole or in part unless all parties consent thereto.
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. SURRENDER OF LEASES: The Leases covered by this agreement, insofar as they embrace acreage in the Area of Mutual Interest, shall not be surrendered in whole or in part unless all parties consent thereto.
B. Upon such assignment or lease, the assigning party shall be relieved from all obligations thereafter accruing, but not theretofore accrued, with respect to the interest assigned or leased and the operation of any well attributable thereto, and the assigning party shall have no further interest in the assigned or leased premises and its equipment and production other than the royalties retained in any lease made under the terms of this Article. The party assignee or lessee shall pay to the party assignor or lessor the reasonable salvage value of the latter's interest in any well's salvable materials and equipment attributable to the assigned or leased acreage. The value of all salvable materials and equipment shall be determined in accordance with the provisions of Exhibit "C," less the estimated cost of salvaging and the estimated cost of plugging and abandoning and restoring the surface. If such value is less than such costs, then the party assignor or lessor shall pay to the party assignee or lessee the amount of such deficit. If the assignment or lease is in favor of more than one party, the interest shall be shared by such parties in the proportions that the interest of each bears to the total interest of all such parties. Any assignment, lease or surrender made under this provision shall not reduce or change the assignor's, lessor's or surrendering party's interest as it was immediately before the assignment, lease or surrender in the balance of the Area of Mutual Interest: and the acreage assigned, leased or surrendered, and subsequent operations thereon, shall not thereafter be subject to the terms and provisions of this agreement but shall be deemed subject to an Operating Agreement in the form of this agreement.
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. SURRENDER OF LEASES B. RENEWAL OR EXTENSION OF LEASES C. ACREAGE OR CASH CONTRIBUTIONS D. ASSIGNMENT; MAINTENANCE OF UNIFORM INTEREST E. WAIVER OF RIGHTS TO PARTITION F. PREFERENTIAL RIGHT TO PURCHASE G. AREA OF MUTUAL INTEREST
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Surrender of Leases:
B. New Leases and Renewal or Extension of Leases: N/A C. Acreage or Cash Contributions: N/A
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Surrender of Leases: The leases covered by this Agreement, insofar as they embrace acreage in the Contract Area, shall not be surrendered in whole or in part unless VEC Operating, LLC (operator) consents (in writing) thereto.
B. Renewal or Extension of Leases: If some, but less than all parties elect to participate in the purchase of a renewal or replacement lease, such renewal or replacement lease shall be owned by the parties who elect to participate therein, in a ratio based upon the relationship of their respective percentage of participation in the purchase of the renewal or replacement lease.
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. SURRENDER OF LEASES
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Assignment of Leases: Leases will initially be acquired by the Operator. Record title to each such Lease shall continue to be held in the name of the Operator until a Producing Well is obtained, at which time the title to the Contract Area will be assigned and conveyed to the Drilling Parties as their respective interests appear in Annex "I", subject to the terms of this Operating Agreement and all third party contracts which are muniments of title in Operator's chain of title. The respective interest to be assigned to each Non-Operator shall be such party's undivided interest in the Contract Area as identified in Annex "I".
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Surrender of Leases: The leases covered by this Agreement, insofar as they embrace acreage in the Contract Area shall not be surrendered in whole or in part unless all parties consent thereto.
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST
