ASSIGNMENT OF WELLBORE INTERESTS Sample Clauses

ASSIGNMENT OF WELLBORE INTERESTS. As set forth in the Letter Agreement, as to each Commitment Well that is connected to the sales line prior to Closing, Sellers shall assign to Buyer an undivided fifty percent (50%) wellbore Working Interest in such Well, limited to the depth drilled and proportionately reduced to the extent Sellers own less than the entire Working Interest in such Well, using the form of Wellbore Assignment attached hereto as Exhibit "D" (the "Wellbore Assignment"). If production proceeds from any such Well are received prior to Closing, Sellers shall receive ten percent (10%) of such proceeds, Buyer shall receive fifty percent (50%) of such proceeds and the remaining forty percent (40%) of such proceeds shall be held in escrow pending Closing (the "Escrowed Amount"). If Closing occurs or if Closing fails to occur through no fault of Buyer, the Escrowed Amount shall be released from escrow and remitted to Buyer and Sellers shall assign to Buyer an undivided forty percent (40%) wellbore Working Interest in each such Well, limited to the depth drilled and proportionately reduced, using the Wellbore Assignment. If Closing fails to occur because of a breach or default by Buyer hereunder, the Escrowed Amount shall be paid to Sellers and no additional wellbore Working Interest shall be assigned to Buyer.
Sample 1
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Related to ASSIGNMENT OF WELLBORE INTERESTS

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