Assignment and Assumption of Rights. 2.1 In exchange for the consideration stated herein, Apache hereby agrees to assign and transfer to Ridgewood, concurrent with the execution of this Agreement, and Ridgewood hereby agrees to accept, an assignment of twenty-five percent (25%) of Apache’s one hundred percent (100%) Working Interest rights in the Lease (those right granted pursuant to the Farmout Agreement), together with a corresponding Net Revenue Interest associated with each Party’s respective Working Interest.
2.2 Working Interests for the Initial Test Well, or any Substitute Well to that point in time when Casing Point has been reached in such well or to such point in time that one hundred ten percent (110%) of the costs associated with drilling AFE to Casing Point have been expended, whichever is the earlier (“Promoted Interest”), shall be: Apache: 60 % Ridgewood: 40 % Working Interests for the Initial Test Well, or any Substitute Well , after that point in time when Casing Point has been reached in such well or to such point in time that costs in such well have exceeded one hundred ten percent (110%) of the drilling AFE to Casing Point, whichever is the earlier (“Ground Floor Interest”): Apache: 75 % Ridgewood: 25 %
2.3 Working Interests for the mobilization and demobilization of the rig used to drill the Initial Test Well shall be: Apache: 60 % Ridgewood: 40 %
2.4 For the purposes of Article 2, Apache shall provide Ridgewood a final AFE for the estimated cost of drilling of the Initial Test Well (inclusive of the estimated cost to plug and abandon such well in the event that is unsuccessful), at least thirty (30) days prior to the actual spud of the Initial Test Well. Additionally, Apache shall provide an AFE for the estimated costs of mobilization and demobilization of the rig that will be utilized to drill the Initial Test Well within fifteen (15) days of contracting the rig. In the event that the drilling AFE exceeds twenty-eight million dollars ($28,000,000), the Promoted Interest of Ridgewood would revert to a Ground Floor Interest once one hundred ten percent (110%) of the twenty-eight million dollars ($28,000,000) is expended. As to the mobilization and demobilization of the rig used to drill the Initial Test Well, the interest of the Parties will be as provided in Article 2.3 above, until such time as costs for the mobilization and demobilization exceed eight million dollars ($8,000,000), at which time the interest will revert to the Ground Floor Interest.
2.5 Apache shall ha...
Assignment and Assumption of Rights. 4.1 Newfield will obtain Apache's written consent to assignment, by Newfield to Ridgewood, of a 50.00% interest in the rights, duties and obligations conferred by the Option Agreement and Farmout Agreement.
Assignment and Assumption of Rights. 4.1 The interest assigned to Ridgewood pursuant hereto will be subject to its proportionate share of the federal 18.75% royalty and a proportionately reduced 2% ORRI in favor of Newfield Exploration Company. The interest shall be free and clear of any other overriding royalty interest, production payments, or other burdens on production.
Assignment and Assumption of Rights. 4.1 Upon Ridgewood’s participation pursuant to the terms and conditions set forth herein and upon the Parties drilling the Test Well or its substitute, reaching Contract Depth, Ridgewood will have earned under the Agreement and shall receive from Newfield an assignment of an undivided 40% working interest in the Contract Area, in the form attached hereto as Exhibit C.
4.2 The interest assigned to Ridgewood pursuant hereto will be subject to its proportionate share of the federal 1/6th royalty and a proportionately reduced 2% ORRI in favor of Newfield Exploration Company. The interest shall be free and clear of any other overriding royalty interest, production payments, or other burdens on production.
Assignment and Assumption of Rights. 2.1 In exchange for the consideration stated herein, (SOM. hereby agrees to assign and transfer to Ridgewood, concurrent with the execution of this Agreement, and Ridgewood hereby agrees to accept, an assignment of an undivided fifty three and one-third percent (53,33333%) of Participation Agreement dated March 28, 2005 Between GOM Shelf LLC and Ridgewood Energy Corporation Page 5 GOM's undivided thirty seven and one-half percent (37.50000%) Working Interest in the Lease insofar as it encompasses the Prospect Area, being a net undivided Working Interest of twenty percent (20.00000%), with a corresponding Net Revenue Interest of sixteen and two-thirds percent (16.66667%).
2.2 The Parties shall execute and deliver an assignment evidencing the above in the form attached as Exhibit "F" to the Initiative. Following such assignment, the net Working Interests in the Lease or portion thereof shall be: GOM: 17.50% Ridgewood: 20.00% BP America Production Company: 37.50% Chevron/Texaco Exploration & Production, Inc: 25.00% Total 100.00%
Assignment and Assumption of Rights. 4.1 Newfield shall obtain Apache's written consent to assignment, by Newfield to Ridgewood, of a 50.000% interest in the rights, duties and obligations conferred by the Farmout Agreement.
4.2 Upon Ridgewood's participation pursuant to the terms and conditions set forth herein and in the Farmout Agreement, and upon the Party drilling an Earning Well (as defined in the Farmout Agreement) and satisfying the Earning Requirements defined and set out in the Farmout Agreement, the Party who participated in the Earning Well, and the full satisfaction of the Earning Requirements, shall receive from Apache, an assignment of Apache's Working Interest share of the operating rights interest in the Contract Area, from the surface down to the base of the deepest productive interval in said well and its stratigraphic equivalent, plus one hundred (100) feet.
4.3 The interests assigned to the Party pursuant hereto shall be subject only to the federal 1/6th royalty (subject to any applicable royalty relief granted by the Minerals Management Service), the Apache ORRI, shall be free and clear of any other overriding royalty interest, production payments, or other burdens on production. The Farmout Agreement provides that Apache's assignment of interest in the Contract Area shall contain a special warranty of title whereby Apache shall warrant title to the assigned interest by, through, or under Apache, but not otherwise.
Assignment and Assumption of Rights. 5.1 Upon Ridgewood’s participation pursuant to the terms and conditions set forth herein and upon the Parties drilling the Test Well or its substitute, reaching Contract Depth, Ridgewood will have earned under the Agreement and shall receive from Newfield an assignment of an undivided 25% working interest in the Contract Area.
5.2 The interest assigned to Ridgewood pursuant hereto will be subject to its proportionate share of the federal 1/8th royalty (subject to any applicable royalty relief granted by the Minerals Management Service) and a 3% ORRI in favor of Fairfield and the El Paso ORRI. The interest shall be free and clear of any other overriding royalty interest, production payments, or other burdens on production.
Assignment and Assumption of Rights. 1.1 EM Laboratories hereby assigns and transfers all of its rights to the Debenture and the Debenture Shares under the Purchase Agreement to Merck.
1.2 Merck hereby accepts all of EM Laboratories' assigned and transferred rights to the Debenture and the Debenture Shares under the Purchase Agreement from EM Laboratories.
Assignment and Assumption of Rights. 4.1 Newfield has obtained the WC 593 Owners' written consent to assignment, by Newfield to Ridgewood, of a 43.28499% interest in the rights, duties and obligations conferred by the Option Agreement and Farmout Agreement.
4.2 Upon each Party's participation pursuant to the terms and conditions set forth herein and in the Farmout Agreement, and upon the Parties drilling an Earning Well (as defined in the Farmout Agreement) and satisfying the Earning Requirements defined and set out in the Farmout Agreement, the Parties who participated in the Earning Well, and the full satisfaction of the Earning Requirements, shall receive from Mariner and Gulfsands, an assignment of their respective Working Interest shares of the operating rights interest in the Contract Area, from the surface down to the base of the deepest productive interval in said well and its stratigraphic equivalent, plus one hundred (100) feet.
4.3 The interests assigned to the Parties pursuant hereto shall be subject only to the federal l/6th royalty (subject to any applicable royalty relief granted by the Minerals Management Service), the ORRI and the Newfield ORRI, and shall be free and clear of any other overriding royalty interest, Participation Agreement - West Cameron Block 593 dated June 20, 2006 Newfield Exploration Company & Ridgewood Energy Corporation - 3 - production payments, or other burdens on production. The Farmout Agreement provides that Mariner and Gulfsand's assignment of interest in the Contract Area shall contain a special warranty of title whereby Mariner and Gulfsands shall warrant title to the assigned interest by, through, or under Mariner and Gulfsands, but not otherwise.
Assignment and Assumption of Rights. At and after the Effective Time, TBC hereby assigns and delegates to the Holding Company all of TBC's rights and obligations under that certain Amended and Restated Rights Agreement, dated July 23, 1998, between TBC and BankBoston, N.A., as Rights Agent (the "Rights Agreement"). The Holding Company hereby accepts such assignment and assumes all of the obligations of TBC under the Rights Agreement. Each issued and outstanding right under the Rights Agreement to purchase Series A Junior Participating Preferred Stock, $.10 par value, of TBC, shall automatically become a right under the Rights Agreement to purchase the same number of shares of Series A Junior Participating Preferred Stock, $.10 par value, of the Holding Company, having the powers, rights, and preferences set forth in the Certificate of Incorporation of the Holding Company.
