CBM Zones Sample Clauses

CBM Zones a) If Euramerica decides not to deploy risk capital for coal-bed methane (CBM) completion, Midwest shall be granted the first right to invest in the completion of CBM and after pay-out of the total expenses from revenue associated with each CBM well, Euramerica shall be granted the option to participate with a twenty-five percent (25.0%) working interest from production resulting from each CBM well. b) If neither Euramerica or Midwest elect to pursue CBM opportunities, Euramerica and Midwest may attempt to solicit third party interest. c) As per the Original Agreement, Midwest owns the CBM Xxxxx (assets), however when the Option is exercised and the full Purchase Price is paid, title to the Xxxxx will be transfered to Euramerica as per the Original Agreement. d) As per the Original Agreement, Midwest owns all the production from the Xxxxx. As consideration for Midwest shutting-in the existing CBM xxxxx and allowing Euramerica to transport the conventional gas through the existing pipeline, Euramerica has agreed to compensate Midwest the economic value equal to 50 Mcf per day (gross sales volume) from the total daily (gross sales volume) production of the conventional gas xxxxx effective from November 15, 2007 until Euramerica exercises the Option.
Sample 1
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