Additional Prospect Election Clause Samples

Additional Prospect Election. A Party shall have fifteen (15) days from the date of the formal Additional Prospect Proposal meeting to provide the proposing Party with written notification as to whether or not it elects to participate in such Additional Prospect, and if so, at what percentage of participation. Should a Party fail to timely make any such election, the proposing Party shall provide the electing Party with a written Failure Notice and the electing Party shall have an additional three (3) business days from its receipt of such Failure Notice to make such election to the proposing party. Failure of the electing Party to respond within such time period shall be deemed an election not to participate. An election not to participate in such Initial Additional Prospect shall immediately result in the electing Party’s forfeiture to the proposing Party of all of its right to participate in said Additional Prospect, including but not limited to, all Leasehold Assets and Oil and Gas Properties within such Additional Prospect Contract Area without any reimbursement. The Parties hereto agree to timely execute whatever documents and assignments are necessary to effect such forfeiture and relinquishment within thirty (30) days from said election not to participate.