Area of Mutual Interest. The “ Xxxxxx Well #1” leases and any new lease to be acquired under this agreement, identified within the legal descriptions above, shall be designated as an Area of Mutual Interest (“AMI”) which shall expire on the termination of this Agreement. If any party hereunder acquires any interest within the AMI, the acquiring party will notify the non-acquiring party in writing of the terms of the acquisition and any costs and/or obligations incurred pursuant thereto within fifteen (15) days following the acquisition. The non-acquiring party will elect in writing within thirty (30) days from its receipt of such notice, as to its election to participate or not participate with its proportionate share of the acquisition. Each non-acquiring party’s election to participate will be accompanied by payment of its share of costs associated with the acquisition. If the non-acquiring party elects not to participate with its proportionate share of the acquisition, the acquiring party may retain the interest for its own benefit. The non-acquiring party’s failure to respond and make payment within the designated time frame shall be deemed an election not to participate in the acquisition. If the interest acquired covers lands lying partially inside and partially outside the boundaries of the AMI, the acquiring party shall offer the entirety of such interest to the non-acquiring party. If a non-acquiring party acquires its proportionate share of such interest, the lands lying outside the AMI and covered by the interest acquired, shall become a part of the “ Xxxxxx Well # 1” Lease and any new lease to be acquired subject to this Agreement and the AMI shall be enlarged to include said lands. Each lease, right, title or interest acquired under the terms of this AMI shall be subject solely to the burdens specified in this agreement and shall include specifically the carried working Interest specified in herein above. The prospect needs to be evaluated by Purchaser’s verification efforts with the understanding that a certain amount of risk is involved in the search and joint venture of oil production in this field despite third party geological reports and efforts by Seller to determine that there are economic quantities of oil to be produced from the “Xxxxxx Lease” lease or any new lease to be acquired under this agreement. Seller does not normally deal with individuals or companies who are not other oil companies or experienced service contractors or sophisticated investors, and...
Area of Mutual Interest. (a) The parties hereby agree that each and every mineral claim (including internal fractions) or interest therein which they may stake or otherwise acquire during the currency of this Agreement and which lies in whole or in part within one mile from the outside perimeter of the Property, or which is contiguous to such claims which are otherwise within this area of mutual interest, shall at the option of the other party form a part of the Property. Any party shall, upon acquisition of any such additional claims or interests, forthwith give notice to the other party of same and thereafter the other party shall have thirty days from the date on which the Option is fully exercised within which to give notice of its desire to have such additional claims or interests form part of the Property and to pay to the other party their proportionate share of acquisition costs. The other party shall be responsible to pay its proportionate share of costs of acquiring the additional claims or interests in accordance with its interest in the Property. All title to such additional claims or interests shall be held subject to the terms of this Agreement.
(b) Paragraph (a) shall cease to operate if and when the Optionee loses its right to exercise the Option in full.
Area of Mutual Interest. In the event of Closing, thereafter the ----------------------- parties agree that in the event either party or an affiliate of either party (the "Acquiring Party") shall acquire any oil and gas interests, whether producing or nonproducing, farmouts or other similar contracts which affect or pertain to lands and minerals, located within Huerfano County, Colorado (the "Interests"), it shall notify the other party (the "Nonacquiring Party") of such acquisition. At the time of giving the notice, the Acquiring Party shall provide access to copies of all instruments of acquisition, including without limitation, copies of leases, abstracts, agreements, title memos, assignments, subleases, farmouts and other contracts affecting the Interests in possession of the Acquiring Party. For thirty days (30) days after receipt of the notice of acquisition, Nonacquiring Party shall have the right to acquire its Proportionate Interest (as defined below) in the acquisition on the same terms and conditions on which the Acquiring Party has acquired or has the right to acquire such Interest by notifying the Acquiring Party of its desire to share in the acquisition, and paying its Proportionate Share of the cost of acquisition, or in the case of a farmout or other similar agreement requiring certain performance such as drilling of a test well, agreeing to be liable for its Proportionate Share of the cost of any performance required. For purposes of this Section, the term Proportionate share shall mean:
a) when it pertains to leasehold working interests, ninety percent (90%) in the case of PGP and ten percent (10%) in the case of Infinity; and
b) when it pertains to mineral interests and overriding royalty interests, fifty percent (50%) in the case of PGP and fifty percent (50%) in the case of Infinity. Any mineral interests in Huerfano County acquired by either party shall be subject to POP's right to acquire an oil and gas lease thereon, which lease shall reserve to the mineral owners a royalty interest of 1/8th of production. Notwithstanding anything to the contrary in this Section 8.4, the Coltex Overrides shall not be subject to the terms of this Section 8.4.
Area of Mutual Interest. 13.1 Third Party Area of Mutual Interest Agreements. McMoRan may be obligated to enter into third party AMI agreements in connection with the acquisition of additional Prospects for the Program. Participant agrees to be bound by the provisions of such AMI agreements.
Area of Mutual Interest. None of the Lands are subject to an agreement which provides for an area of mutual interest, except as specifically identified in Schedule "A";
Area of Mutual Interest. The Parties hereby establish an Area of Mutual Interest "AMI", same to be comprised of the area outlined on the attached Exhibit "A", and which shall cover AMI Interests located therein. This AMI shall continue for a term of seven (7) years, or the expiration of the last Jointly Owned AMI Interest, whichever is earlier.
Area of Mutual Interest. 14.1 An area of mutual interest located within two miles of the existing exterior boundaries of the Properties is hereby established, (which area is hereinafter called the “AMI”). By signing this Agreement, Optionee and Optionors hereby covenant and agree each with the other that any property interest or mineral rights or Properties that may be acquired by either of them after the Effective Date located wholly or partially within the AMI excluding the Mill, will become a part of the Properties and be subject to this Agreement if: (a) the principal mineralization is gold, silver, lead or zinc, and (b) the Optionors, acting in good faith, believe that the property or interest has a reasonable potential for economic mineralization. If either Optionee or Optionors acquires an interest as aforesaid, it will notify the other in writing of the extent of the interest acquired. The notified party will have thirty (30) days following receipt by it of the foregoing notification to elect in writing to have the property interest or mineral rights or Properties included within the terms of this Agreement. If the notified party does not so elect in writing within the thirty (30) day period, the acquiring party will be entitled to acquire the property interest or mineral rights or Properties for its own account and such interest will not be part of the Properties and will not be subject to the terms of this Agreement.
14.2 An area of potential interest located within 10 miles, but more than two miles, of the existing exterior boundaries of the Properties is hereby established, (which area is hereinafter called the “API”). By signing this Agreement, Optionors hereby covenant and agree that any property interest excluding the Mill or mineral rights that Optionors’ may locate or acquire after the Effective Date located wholly or partially within the API will be offered to Optionee if (i) the principal mineralization is gold, silver lead or zinc, and (ii) in the good faith estimate of Optionors’, they believe that the property or interest has a reasonable potential for economic mineralization. If Optionors locate or acquire an interest as aforesaid, it will notify the Optionee in writing regarding the existence and nature of property or interest. Optionee will have thirty (30) days following receipt by it of the foregoing notification to elect in writing to have the property interest or mineral rights included within the terms of this Agreement. If Optionee does not so elect ...
Area of Mutual Interest. [Article 8.00] This optional Article 8.00 will X/ will not ___ apply herein.
Area of Mutual Interest. None of the Lands are subject to an agreement which provides for an area of mutual interest, except as specifically disclosed to the Purchaser by the Vendor;
Area of Mutual Interest. 5.1.1 The Parties hereby establish an area of mutual interest (“AMI”) which shall cover the Joint Participation Area. The term of the AMI shall be for a period commencing on the Effective Date and ending (a) on the tenth anniversary of the Effective Date, (b) the date of termination of this Article 5 in accordance with
Section 5.1. 12 or (c) the date of termination of this Agreement, whichever is the earliest (“AMI Term”). This AMI shall replace all of the prior AMIs between the Parties listed on Exhibit C which are hereby terminated.
5.1.2 During the AMI Term, if (other than through a joint bid with the other Party or its Affiliate) a Party or its Affiliate (the “Acquiring Party”) acquires any interest in an oil and/or gas lease in one or more blocks within the Joint Participation Area, whether by cash sale, property swap, or farm-in by which an interest may be earned or otherwise acquired by conducting drilling, seismic, or other operations, or otherwise (“Acquired Interest”), then the Acquiring Party shall notify the other Party (“Non-Acquiring Party”), in writing, within thirty (30) days of such acquisition. Notwithstanding the immediately preceding sentence, a sale or other disposition of equity in a Party or other change of control in a Party shall not be deemed to be such an acquisition.
5.1.3 If a Party or its Affiliate seeks to acquire an Acquired Interest that would be subject to a preferential right to purchase upon a subsequent transfer to the other Party, the first Party will use commercially reasonable efforts to offer the other Party the opportunity to participate in the offer and to jointly acquire title to such Acquired Interest in proportion to each Party’s AMI Share.
5.1.4 The Non-Acquiring Party shall then have the right and option, but not the obligation, for a period of thirty (30) days from the receipt of such notice, to elect to acquire its AMI Share of the Acquired Interest by providing written notice of its election to the Acquiring Party prior to the expiration of such thirty (30) day period. Failure of the Non-Acquiring Party to provide written notice to the Acquiring Party prior to the expiration of such time period shall be deemed an election by the Non-Acquiring Party not to acquire any interest in the Acquired Interest.
5.1.5 The notice from the Acquiring Party provided for in Section 5.1.2 shall contain all information and copies of Leases (to the extent the Acquiring Party has such Leases in its possession), agreements by ...
