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 to the surrender. However, should any party desire to surrender its interest in any lease or in any portion of a lease, the party shall give written notice of the proposed surrender to all parties, and the parties to whom the notice is delivered shall have thirty (30) days after delivery of the notice within which to notify the party proposing the surrender whether they elect to consent to the surrender. Failure of a party to whom a notice is delivered to reply within the thirty (30) day period shall constitute a consent to the surrender of the Leases described in the notice. If all parties do not agree or consent to the surrender, the party desiring to surrender shall assign, without express or implied warranty of title, all of its interest in the Lease, or portion of it, and any well, material, and equipment which may be located on it and any rights in production later secured, to the parties not consenting to the surrender. If the interest of the assigning party is or includes an Oil and Gas Interest, the assigning party shall execute and deliver to the party or parties not consenting to the surrender an oil and gas lease covering the Oil and Gas Interest for a term of one (1) year and so long thereafter as Oil and/or Gas is produced from the land covered by it, the lease to be on the form attached as Exhibit “B.” On the assignment or lease, the assigning party shall be relieved from all obligations later accruing, but not previously 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 the value is less then the costs, then the party assignor or lessor shall pay...
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 Contract Area 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 Contract Area, shall not be surrendered in whole or in part unless VEC Operating, LLC (operator) consents (in writing) thereto.
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST. A. Surrender of Leases: The Leases which maintain the Liberty #1 Well 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 to the abandonment. 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 Contract Area; and the acreage assigned, leased, or surrendered, and subsequent operations on them, shall not later be subject to the terms and provisions 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 IX. INTERNAL REVENUE CODE ELECTION
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; however, no consent shall be necessary to release or surrender a Lease which has expired or otherwise terminated in accordance with its terms. However, should any Party desire to surrender its interest in any Lease or in any portion thereof, such Party shall give written notice of the proposed surrender to all Parties, and the Parties to whom such notice is delivered shall have thirty (30) days after delivery of the notice within which to notify the Party proposing the surrender whether they elect to consent thereto. Failure of a Party to whom such notice is delivered to reply within said 30-day period shall constitute a consent to the surrender of the Leases described in the notice. If all Parties do not agree or consent thereto, the Party desiring to surrender shall assign, without express or implied warranty of title, all of its interest in such Lease, or portion thereof, and any well, material and equipment which may be located thereon and any rights in production thereafter secured, to the Parties not consenting to such surrender.
ACQUISITION, MAINTENANCE OR TRANSFER OF INTEREST
