Continuous Option Test Well(s) Sample Clauses

Continuous Option Test Well(s). Upon Completion or abandonment of the Initial Test Well in the time and manner herein provided, and upon furnishing to Farmor the notices and information required herein, Operator shall have the option to continue to develop the Contract Acreage by drilling additional xxxxx (hereinafter “Continuous Option Test Well(s)”). Operator shall have an option for a period of one hundred twenty (120) days for vertical xxxxx and one hundred eighty days (180) for horizontal xxxxx from the date Initial Contract Depth is reached in the first Initial Test Well to commence the actual drilling of a Continuous Option Test Well at a legal location of its choice on any undrilled governmental survey section or portion thereof of the Contract Acreage. Thereafter, Operator shall have a like one hundred twenty (120) days for vertical xxxxx and one hundred eighty days (180) for horizontal xxxxx option from the date Option Contract Depth is reached on each preceding Continuous Option Test Well to commence actual drilling on the succeeding Continuous Option Test Well at a legal location of its choice on any remaining undrilled governmental survey section of the Contract Acreage. Each Continuous Option Test Well shall be drilled diligently, without unnecessary delay, and in a workmanlike manner to a minimum depth of the base of the Niobrara Formation; or at Operators option to a deeper depth (Option Contract Depth) and shall be Completed if a well capable of producing oil or gas in paying quantities, plugged and abandoned if not Completed as a well capable of producing oil or gas in paying quantities, or turned over to Farmor, in accordance with all applicable laws, rules and regulations, and the terms of this Contract. Operator shall advise Farmor in writing of its intention to exercise an option, accompanied by a copy of the surveyor's Plat of Location, at least 60 days prior to commencing actual drilling operations on each Continuous Option Test Well. For purposes of this Contract, the term “Complete(s)”, “Completed” or “Completion” shall mean operations to complete a well as a producer of oil and/or gas, including, but not limited to, the setting of production casing, perforating, well stimulation and production testing.
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Related to Continuous Option Test Well(s)

  • Continuous Improvement ACS will actively seek ways to enhance the process to improve effectiveness, efficiencies and quality. As desirable Service modifications and enhancements are identified, ACS or Customer may propose modifications to the project to change or enhance functionality. To maintain consistency, requests for modification will follow an established change control process as identified in Section 15 of the Agreement. VIII. Supporting Documents

  • 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).

  • Vesting Commencement Date Exercise Price per Share: Total Number of Shares: Type of Option: Non-Qualified Stock Option/Incentive Stock Option

  • Continuous Service For purposes of this Agreement, the Continuous Service 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 the (a) transfer of his or her employment among the Company and its Subsidiaries or (b) a leave of absence approved by a duly constituted officer of the Company or a Subsidiary.

  • 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.

  • Restriction on Continuous Offerings Notwithstanding the restrictions contained in Section 3.18.1, the Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of 12 months after the date of this Agreement, directly or indirectly in any “at-the-market” or continuous equity transaction, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

  • Vesting Schedule/Period of Restriction Except as provided in paragraphs 4 and 5, and subject to paragraph 7, the Performance Shares awarded by this Agreement shall vest in accordance with the vesting provisions set forth on the first page of this Agreement. Performance Shares shall not vest in the Employee in accordance with any of the provisions of this Agreement unless the Employee shall have been continuously employed by the Company or by one of its Subsidiaries from the Grant Date until the date the Performance Shares are otherwise scheduled to vest.

  • Commencement of Exercisability (a) Subject to Sections 3.1(b), 3.1(c) and 3.3, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.

  • Vesting Date All remaining shares of Restricted Stock will become vested on the Vesting Date.

  • Performance Period For purposes of this Agreement, the term “Performance Period” shall be the period commencing on January 29, 2018 and ending on January 29, 2021.

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