Continuous Drilling Sample Clauses

Continuous Drilling. At the end of the primary term, this Lease shall remain in full force and effect as to all acreage included in each designated or existing Drilling Block. In order for a three (3) section Drilling Block to be in effect at the end of the primary term, there must be at least one (1) well producing or capable of producing oil and/or gas for its corresponding or associated three (3) section Drilling Block, or operations for the drilling of a corresponding well on a Drilling Block must be commenced. In order to hold or maintain said three (3) section Drilling Block(s) after the end of the primary term, Lessee must: a) be in compliance with the “Continuous Drilling Program” provisions contained herein on a three (3) section Drilling Block; said drilling operations holding the acreage attributable to the associated Drilling Block or b) on Drilling Block(s) in effect, but not in compliance with the Continuous Development Program, Lessee shall pay a delay rental equal to $5.00 per acre as to the acreage within said Drilling Block(s), but only on the acreage outside the defined “Well Tracts”. Said payment initially becomes due 180 days after the end of the primary term and thereafter on the anniversary date of the Lease. As to any acreage outside the Drilling Block(s) in effect at the end of the primary term, Lessee has the option within thirty (30) days to renew said acreage for $25.00 per acre on a separate oil and gas lease, which provides for a 1/6th (16.6666%) royalty, term of 5 years, initial base rental rate of $5.00 per net acre with a $2.50/acre per year escalation on rentals. At the later of (i) 180 days following the end of the primary term of this Lease, or (ii) the conclusion of the Continuous Development Program, as defined hereinafter, this Lease shall terminate as to all lands covered by this Lease not included within a Well Tract, as defined hereinafter except as to acreage renewed by Lessee pursuant to this paragraph. A Well Tract shall consist of any area surrounding each well which is capable of producing oil and/or gas containing 40 acres for each well, plus a tolerance of 10% with the Well Tract for each such well being as nearly as practicable in the shape of a square or rectangle surrounding such well. Should, however, the governmental authority having jurisdiction prescribe or permit the creation of drilling or proration units having a larger than the area above specified for Well Tracts, then said Well Tracts shall conform substantially in ...
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
Continuous Drilling. (a) Notwithstanding any provision of this Lease to the contrary, after a well producing, or capable of producing, oil, gas, sulphur or other hydrocarbons has been completed on the LEASED PREMISES, COMPANY will, within one hundred twenty (120) days of the date of filing of the completion report with the Texas Railroad Commission for the initial producer, begin drilling a subsequent well and thereafter, within the same time frame, commence succeeding xxxxx until the LEASED PREMISES is fully developed to allowable density. Failure to so drill and continue drilling is a breach of a material term of this Lease and may result in forfeiture of this Lease as to acreage not contained in a production unit as herein defined. This continuous drilling requirement does not apply as to any acreage in this Lease of insufficient size to permit additional xxxxx under the field rules established by the Texas Railroad Commission. COMPANY agrees such insufficient size acreage must, to the extent possible, be pooled with production units outside of the LEASED PREMISES. Nothing in this Lease precludes COMPANY, as a reasonably prudent operator, from simultaneously drilling additional xxxxx as may be reasonably necessary for proper development of the LEASED PREMISES.
Sample 1
Continuous Drilling. It is PVOG's intent to drill five (5) wells on a back-to-back basis. Ix (x) PVOG does not drill 5 wells; (ii) the first well is not xxxmenced prior to March 1, 2004 or (iii) if there is a delay of more than sixty (60) days between the completion of one well and the commencement of operations on the next well under this paragraph, this Agreement shall terminate, PVOG shall have no further rights hereunder. PVOG will have the right to bank any unused continuous drilling or operation days between wells to be credited for future xxxxx if it elects to do so.
Sample 1
Continuous Drilling. It is PVOG's intent to drill four (4) wells on a back-to-back baxxx xn Phase II, Part A. If (i) the first well is not commenced before July 1, 2005; (ii) four wells are not drilled or (iii) there is a delay of more than sixty (60) days between the completion of one well and the commencement of operations on the next well under this paragraph, PVOG will forfeit its rights under this Agreement as it relates to Phase II, Part B and Phase III, retaining only the interest that has been earned as of the date of the forfeiture. PVOG will have the right to bank any unused continuous drilling or operation days between wells to be credited for fxxxxx wells if it elects to do sx. XXOG will incur no other penalties or liabilities other than as provided above.
Sample 1

Related to Continuous Drilling

  • Continuous Employment For purposes of this Agreement, the continuous employment of the Grantee with the Company or a Subsidiary shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company or Subsidiary, by reason of (a) the transfer of the Grantee’s employment among the Company and its Subsidiaries or (b) an approved leave of absence.

  • Continuous Investment Program The Sub-Adviser shall formulate and implement a continuous investment program for the Allocated Portion in accordance with the Strategy, including determining what portion of such assets will be invested or held uninvested in cash or cash equivalents. Without limiting the generality of the foregoing, the Sub-Adviser is authorized to: (a) make investment decisions for the Fund in respect of the Allocated Portion, including decisions for the investment and reinvestment of the assets (including cash and cash-equivalent assets) held in the Allocated Portion; (b) place purchase and sale orders for portfolio transactions in respect of the Allocated Portion and manage otherwise uninvested cash or cash equivalent assets of the Allocated Portion; and (c) subject to Section 2(d) below, execute account documentation, agreements, contracts and other documents as may be requested by brokers, dealers, counterparties and other persons in connection with the Sub-Adviser’s management of the Allocated Portion (in such respect, and only for this limited purpose, the Sub-Adviser will, as necessary to effect such documentation, agreements, contracts and other documents, act as the Adviser’s and the Fund’s agent and attorney in fact).

  • Continuous Improvement 3.1 The Supplier shall adopt a policy of continuous improvement in relation to the Services pursuant to which it will regularly review with the Authority the Services and the manner in which it is providing the Services with a view to reducing the Authority's costs (including the Framework Prices), the costs of Contracting Bodies and/or improving the quality and efficiency of the Services. The Supplier and the Authority will provide to each other any information which may be relevant to assisting the objectives of continuous improvement and in particular reducing costs.

  • Continuous Pledge Subject to Section 2.4, the Pledgor will, at all times, keep pledged to the Lender pursuant hereto all Pledged Shares and all other shares of capital stock constituting Collateral, all Dividends and Distributions with respect thereto, and all other Collateral and other securities, instruments, proceeds, and rights from time to time received by or distributable to the Pledgor in respect of any Collateral.

  • Continuous Service The Parties shall continue providing services to each other during the pendency of any dispute resolution procedure, and the Parties shall continue to perform their obligations (including making payments in accordance with Article IV, Section 4) in accordance with this Agreement.

  • Continuous Relationship with the Company Required Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee or officer of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”).

  • Continuous Perfection Grantor shall not change its name, identity or corporate structure in any manner which might make any financing or continuation statement filed in connection herewith seriously misleading within the meaning of section 9-402(7) of the UCC or any other then applicable provision of the UCC unless Grantor shall have given Lender at least thirty (30) days’ prior written notice thereof and shall have taken all action (or made arrangements to take such action substantially simultaneously with such change if it is impossible to take such action in advance) necessary or reasonably requested by Lender to amend such financing statement or continuation statement so that it is not seriously misleading.

  • Status as a Well-Known Seasoned Issuer (A) At the time of filing the Original Registration Statement, (B) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the 1933 Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the 1934 Act or form of prospectus), (C) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of the 1933 Act Regulations) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the 1933 Act Regulations and (D) at the date hereof, the Company was and is a “well-known seasoned issuer” as defined in Rule 405 of the 1933 Act Regulations (“Rule 405”), including not having been and not being an “ineligible issuer” as defined in Rule 405. The Registration Statement is an “automatic shelf registration statement,” as defined in Rule 405, and the Securities, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule 405 “automatic shelf registration statement.” The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) of the 1933 Act Regulations objecting to the use of the automatic shelf registration statement form. At the time of filing the Original Registration Statement, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the 1933 Act Regulations) of the Securities and at the date hereof, the Company was not and is not an “ineligible issuer,” as defined in Rule 405.

  • Vesting Commencement Date Exercise Price per Share: Total Number of Shares Subject to the Option: Total Exercise Price: Expiration Date: Type of Option: Nonstatutory Stock Option

Time is Money Join Law Insider Premium to draft better contracts faster.