Carried Working Interest Sample Clauses

Carried Working Interest. CodeAmerica grants to Altus a 2.0% (two-percent) Carried Working Interest in the drilling, development and completion of the initial four (4) ▇▇▇▇▇▇ formation ▇▇▇▇▇ drilled on the ▇▇▇▇▇▇▇▇ lease. Upon the completion of drilling a ▇▇▇▇▇▇ formation well, Altus acknowledges and agrees that it will be responsible for its proportionate share of all operating costs and capital expenditures requirements.

Carried Working Interest. As to the interest being assigned from Assignor to Assignee, Assignee shall be entitled to a Carried Working Interest in the Wellbore. The term “Carried Working Interest” means that the Assignor shall bear the Carried Costs (defined below) attributable to Assignee’s Wellbore Interest prior to the point of delivery of production from the Wellbore to the tanks for oil and to the first meter on the wellsite for gas. The term “Carried Costs” shall include, but are not be limited to, all costs incurred by Assignor for the drilling, completing, reworking, sidetracking, deepening, recompleting, plugging back, and equipping the Wellbore.

Carried Working Interest. 2.1.1 After the Initial Fund has been advance by Mankato to Energas, Energas shall commence to seek out and map oil and gas drilling prospects and to acquire oil and gas leasehold working interests by way of direct lease acquisitions, options and FAMOUNT agreements, assignments and regulatory agency compulsory pooling orders within the lands covered by each prospect. Likewise, after any additional Predrilling Costs are loaned by Mankato to Energas pursuant to Paragraph 1.3 above, Energas shall commence to use the advance Predrilling Costs for the particular prospect involved. 2.1.2 From time to time, as Energas determines that it has developed a geological prospect to the point where said prospect is ready for the drilling of an initial test well, Energas shall submit to Mankato a written predrilling report summarizing the outline of the prospect area, with supporting geological data, the extent of oil and gas leasehold rights which Energas has acquired, the proposed location of the initial test well and its objective depth. From and after the time when Mankato has received Energas' predrilling report, Mankato, if the initial well on the prospect is plugged and abandoned without a completion attempt or if Mankato elects to participate in a completion attempt, all as set forth below , shall be deemed to own an undivided ten percent (10%) of all of Energas' rights and interests in the prospect area. 2.1.3 Within 90 days following Mankato's receipt of the predrilling REPORT from Energas, Energas shall commence, or cause to be commenced, the operations for the drilling of the initial test well which was described in Energas' predrilling report. The well shall be drilled to the recommended total depth set forth in the predrilling report unless Energas concludes that it would be more practical to cease drilling at a lesser depth. Energas shall bear and pay 100% of the cost, risk and expense attributable to its interest in the well TO casing point. "Casing Point", as used herein, shall mean the point of time when the initial test well has been drilled to its total projected depth and after all logs and tests which in the opinion of Energas, should be run and taken have been so run and taken and after copies of said logs and the written results of all tests have been furnished to Mankato.

Carried Working Interest. The “Carried Working Interest” means B▇▇▇▇’s commitment to cover and pay for 100% of Seller Costs attributable to the Seller Reserved Interest in the Assets during the Carry Period. The “Carry Period” is the Closing Date of this Agreement through the date that is the earlier of (i) seventy-eight (78) months after the Closing Date, or (ii) the date the Seller Costs attributable to the Seller Reserved Interest total a maximum amount of $20,000,000 (the “Carry Amount”). “Seller Costs” are the costs relating to drilling, completing, in-field gathering and storage, and equipping of any and all w▇▇▇▇ to the extent that such costs are chargeable to or payable by Seller as further described under the Joint Operating Agreement attached hereto as Exhibit “E” naming Buyer as the Operator (the “JOA”). For the avoidance of doubt, Seller Costs shall not include the costs of any processing plants, processing facilities or pipelines moving gas to or from any such plant or facilities. Monthly lease and well operating expenses (including without limitation lease rental payments, lease maintenance payments and title curative expenses and payments) (“L▇▇”) shall not be considered Seller Costs. During the Carry Period, L▇▇ shall be netted against revenue. In the event there is insufficient revenue to cover L▇▇ during a particular month, then during the Carry Period, any negative L▇▇ will be carried forward to the next operating month and offset against future net revenue until the cumulative negative L▇▇ is fully offset. Prior to the receipt of first revenues from the Assets, Buyer shall have the option to treat all or any portion of the negative L▇▇ amount as Seller Costs. Following expiration of the Carry Period, Seller shall be liable for all costs and expenses under the JOA attributable to its working interests. Seller Costs relating to the Assets shall be deducted from the Carry Amount such that the total amount to be paid by Buyer on behalf of Seller as a Carried Working Interest relating to the Assets under this Agreement and under the Participation Agreement shall not exceed $20,000,000. During the Carry Period, Seller shall have no rights to require any expenditures by Operator that would be considered Seller Costs, including the acquisition of any AMI Interests under the Participation Agreement, nor shall Buyer at any time have any obligation to settle in cash or other value any unexpended Carry Amount; provided, however, that in the event any of the Carry Amount rem...

Carried Working Interest. Assignor reserves an undivided 3.75% Carried Interest in the lands covered by the Leases included in each Unit upon which an Initial Unit Well is drilled. Hugoton shall bear and pay for the account of Shield, on a well-by-well basis, all of the costs attributable to said 3.75% Carried Interest which are incurred by the operator under the Operating Agreement in drilling, testing, completing, and initially equipping and operating of such Initial Unit Well through the point of being completed for production or plugged and abandoned on each Unit, proportionally reduced to the extent that the Leases comprise only a portion of the Unit.

Carried Working Interest. If such Outside Owners elect to participate, CPC shall ▇▇▇▇ them (their proportionate share) of the actual cost of the System plus $12,500 which represents a license fee. When said bills are paid, CPC shall remit said amount to the Partnership. If said ▇▇▇▇ is not paid, the owner shall be considered in non-consent status under the JOA and its interest shall be reallocated to the consenting owners.

Carried Working Interest. Assignee’s Seller Reserved Interest in the PSA is a “Carried Working Interest,” whereunder Assignee shall cover, pay for one hundred percent (100%) of Seller Costs attributable to the Seller Reserved Interest during the Carry Period. The “Carry Period” is the Effective Date of this Assignment through the date that is the earlier of (i) seventy-eight (78) months thereafter; or (ii) the date the Seller Costs attributable to the Seller Reserved Interest total the Carry Amount as defined in the PSA.

Carried Working Interest. Operator reserves and retains a carried interest with respect to one-fourth (1/4) of each unit subscribed to and purchased by Participants, which carried interest shall cease to be carried and shall convert to a working interest vested in Operator as follows: A. At pay-out, Operator’s carried interest shall convert to and become a regular working interest. At pay-out, each unit held by Participant will thereby be reduced by 1/4 and Participant or his or her heirs, successors or assigns will, if deemed necessary by Operator, execute and deliver to Operator or its successors or assigns an assignment of an undivided 1/4 of Participant’s working interest with respect of each unit owned by Participant in this program, free and clear of any liens, encumbrances or adverse claims. After pay-out, each unit held by Participant will represent an undivided 18.75% working interest, with a net revenue interest of not less than 15% of the 8/8 production. Should Participant fail or refuse to execute and deliver such assignment, then Operator shall be entitled to execute and record a Notice of Payout and the same shall have the same force and effect as an assignment executed and delivered by Participant pursuant hereto.