Common use of CALL ON OIL Clause in Contracts

CALL ON OIL. Amoco reserves and excepts unto itself, its successors and assigns, the option and exclusive right at any time, at all times and from time to time, to purchase all oil, distillate, condensate, and other liquid hydrocarbons, including natural gas liquids produced at any processing facility to the extent that the source gas stream for this liquid production originates from said Lease Acreage, hereinafter referred to as "Oil"", produced and saved from said Lease Acreage or allocated to said Lease Acreage. Within seven (7) days of written notice, by Farmee to Amoco, to the attention of the crude oil Supply Manager, at the address set forth above, that Farmee has received a bona fide offer for the purchase of Oil, Amoco shall notify Farmee whether or not it elects to exercise its option to purchase said oil. If Amoco elects to exercise its option, payment for any Oil purchased hereunder shall match the terms and pricing included in said bona fide offer. If Amoco does not notify Farmee within the seven (7) day period that it has elected to exercise said option, it shall be deemed an election to waive this option. If Amoco does not elect to exercise its option to purchase such Oil as provided above, Farmee may enter into a contract to sell to another party for a term not to exceed one (1) year. Upon the termination of any such sales contract, Farmee shall give written notice to Amoco and Amoco's right to the above seven (7) day option period shall be revived. If, after exercising its option, Amoco should thereafter wish to cease purchasing Oil, it may do so upon; thirty (30) days advance notice to Farmee. Should Amoco elect not to exercise its option to purchase oil, or having made an election should Amoco determine to cease purchasing Oil, such action shall not be a waiver of the right to exercise the option at any later time. Amoco shall not be required to purchase or furnish a market for the Oil.

CALL ON OIL. Amoco reserves and excepts unto itself, its successors and assigns, the option and exclusive right at any time, at all times and from time to timethroe, to purchase all nil oil, distillate, condensate, and other liquid hydrocarbons, including natural gas liquids produced at any processing facility to the extent that the source gas stream for this liquid production originates from said Lease Acreage, hereinafter referred to as "Oil"", produced and saved from said Lease Acreage or allocated to said Lease Acreage. Within seven (7) days of written notice, by Farmee Assignee to AmocoAnima, to the attention of the crude oil Crude Oil Supply Manager, at the address set forth above, that Farmee Assignee has received a it bona fide offer for the time purchase of Oil, Amoco shall notify Farmee Assignee whether or not it elects to exercise its option to purchase said oilOil. If Amoco elects to exercise its option, payment for any Oil purchased hereunder shall match the terms and pricing included in said bona fide offer. If Amoco does not notify Farmee Assignee within the seven (7) day tiny period that it has elected to exercise said mid option, it shall be deemed an election to waive this option. If Amoco does not elect to exercise its option to purchase such Oil as provided above, Farmee Assignee may enter into a contract to sell to another party for far a term not to exceed one (1) year. Upon the termination of any such sales contract, Farmee Assignee shall give written notice to Amoco and Amoco's right to the above seven (7) day option period period. shall be revived. If, after alter exercising its Its option, Amoco should thereafter wish to cease purchasing Oil, it may do so upon; upon thirty (30) days advance notice to FarmeeAssignee. Should Amoco elect not to exercise its option to purchase oilOil, or having made an election should Amoco determine to cease purchasing Oil, such action shall not be a waiver of the right to exercise the option at any later time. , Amoco shall not be he required to purchase or furnish a market for the Oil.

CALL ON OIL. Amoco reserves From time to time and excepts unto itself, its successors and assigns, the option and exclusive right at any time, Seller shall have the option, but not the obligation, to purchase or designate a purchaser financially acceptable to Buyer of the oil produced from or attributable to the Segregated Lease. If purchased by Seller or a designee, such crude oil would be delivered to a sales point designated by Seller or its designee, which sales point shall be on CPL's system and shall never be beyond the outermost flange of CPL's Empire Terminal located in Plaquemines Parish, Louisiana, unless the parties mutually agree otherwise. The price to be paid to Buyer shall be the higher of (1) fair market value for oil of like gravity and quality, or (2) the price offered to Buyer from a bona fide third party in a written offer by a third party, non-affiliated purchaser ready and able to purchase, which offer Buyer is willing to accept, with comparable terms and conditions. Buyer shall notify Seller in writing of any such bona fide offer, giving the terms and conditions of such acceptable offer. Upon receiving such notice, Seller shall have ten (10) days to elect to purchase such oil on the same terms and conditions as contained in the bona fide offer. Further, Seller and Buyer agree that in the event Buyer receives at all times any time and from time to time, to purchase all oil, distillate, condensate, and other liquid hydrocarbons, including natural gas liquids produced at any processing facility to the extent that the source gas stream for this liquid production originates from said Lease Acreage, hereinafter referred to as "Oil"", produced and saved from said Lease Acreage or allocated to said Lease Acreage. Within seven (7) days of written notice, by Farmee to Amoco, to the attention of the crude oil Supply Manager, at the address set forth above, that Farmee has received time such a bona fide offer from a third party to purchase Buyer's crude oil at a price higher than that otherwise provided for pursuant to this Section 8.5, Buyer may furnish Seller a copy of such offer, and Seller shall have ten (10) days from receipt of such offer either to agree to pay said higher price or to release Buyer's oil production for sale to such third party in accordance with such offer, including the term thereof. In no event, however, shall Seller be obligated to discontinue purchase of Oil, Amoco shall notify Farmee whether such crude oil sooner than the first day of the month on or not it elects to exercise its option to purchase said oil. If Amoco elects to exercise its option, payment for any Oil purchased hereunder shall match following the terms and pricing included in said thirtieth (30th) day following receipt of such bona fide offer. If Amoco does not notify Farmee within at any time and from time to xxxx Xxxxxx is purchasing such crude oil hereunder, the seven (7) day period that it has elected to exercise said option, it purchase of such crude oil by Seller shall be deemed an election to waive this option. If Amoco does not elect to exercise its terminable at Seller's option to purchase such Oil as provided above, Farmee may enter into a contract to sell to another party for a term not to exceed one with at least ninety (190) year. Upon the termination of any such sales contract, Farmee shall give days' prior written notice to Amoco Buyer, such termination to be effective on the first day of the calendar month on or following the end of such 90-day notice period, or upon the expiration of the term theretofore offered by a third party and Amoco's right to the above seven (7) day option period matched by Seller, whichever is later: If purchased by Seller or a designee, Buyer shall be revived. Ifobligated, after exercising at its optionsole cost and expense, Amoco should thereafter wish to cease purchasing Oildeliver the oil to Seller at standard sour crude pipeline quality, it may do so upon; thirty limited to three percent (303%) days advance notice to Farmee. Should Amoco elect not to exercise its option to purchase oil, or having made an election should Amoco determine to cease purchasing Oil, such action shall not be a waiver of the right to exercise the option at any later time. Amoco shall not be required to purchase or furnish a market for the Oilsulphur by weight and fifty parts per million (50 ppm) hydrogen sulphide.