Common use of Dispositions of Petroleum and Natural Gas Rights Clause in Contracts

Dispositions of Petroleum and Natural Gas Rights. Notwithstanding anything in this Agreement, the Grantor, acting reasonably and in accordance with prudent oil and gas industry practices, shall be entitled to sell its interest in Petroleum and Natural Gas Rights comprised in the Properties, either by themselves or together with interests in related Tangibles and Miscellaneous Interests, and the Royalty Owner shall concurrently sell the portion of the Royalty that is calculated with reference to production from or otherwise relates to such interests, provided that each of the following criteria is satisfied with respect to such sale: (a) the Grantor is of the reasonable opinion that such sale is in the best interests of the Royalty Owner; (b) the Grantor’s Board of Directors has approved such sale, provided that such approval shall only be required in the event that the Properties that are the subject of such sale have a Reserve Value that is greater than twenty percent (20%) of the Reserve Value of all Properties; and (c) the Unitholders have approved such sale by Special Resolution, provided that such approval shall only be required in the event that the Properties that are the subject of such sale have a Reserve Value that is greater than fifty percent (50%) of the Reserve Value of all Properties.

Dispositions of Petroleum and Natural Gas Rights. Notwithstanding anything in this Agreement, the Grantor, acting reasonably and in accordance with prudent oil and gas industry practices, shall be entitled to sell its interest in Petroleum and Natural Gas Rights comprised in the Properties, either by themselves or together with interests in related Tangibles and Miscellaneous Interests, and the Royalty Owner shall concurrently sell the portion of the Royalty that is calculated with reference to production from or otherwise relates to such interests, provided that each of the following criteria is satisfied with respect to such sale: (a) the Grantor is of the reasonable opinion that such sale is in the best interests of the Royalty Owner; (b) the Grantor’s 's Board of Directors has approved such sale, provided that such approval shall only be required in the event that the Properties that are the subject of such sale have a Reserve Value that is greater than twenty percent (20%) of the Reserve Value of all Properties; and (c) the Unitholders have approved such sale by Special Resolution, provided that such approval shall only be required in the event that the Properties that are the subject of such sale have a Reserve Value that is greater than fifty percent (50%) of the Reserve Value of all Properties.