Common use of Division of Hydrocarbons Clause in Contracts

Division of Hydrocarbons. After Closing, all Hydrocarbons produced from the Subject Interests and not in storage tanks above the pipeline connection or past a measuring point as of the Effective Time shall be owned by Buyer. All Hydrocarbons produced from the Subject Interests and disposed of, or in storage tanks above the pipeline connection or past a measuring point as of the Effective Time shall be owned by Seller. To the extent that Seller has sold Hydrocarbons (other than such Hydrocarbons described in the preceding sentence) which constitute Purchased Assets after the Effective Time but prior to Closing, and the Base Purchase Price has not been adjusted under Section 1.6 for such proceeds, Seller shall deliver such proceeds to Buyer promptly upon Seller’s receipt.

Division of Hydrocarbons. After Closing, all Hydrocarbons hydrocarbons produced from the Subject Interests and not in storage tanks above the pipeline connection or past a measuring point as of the Effective Time shall be owned by Buyer. All Hydrocarbons produced from the Subject Interests and disposed of, or in storage tanks above the pipeline connection or past a measuring point as of the Effective Time shall be owned by Seller. To the extent that Seller has sold Hydrocarbons (other than such Hydrocarbons described in the preceding sentence) which constitute Purchased Assets after the Effective Time but prior to Closing, and the Base Purchase Price has not been adjusted under Section 1.6 for such proceeds, Seller shall deliver such proceeds to Buyer promptly upon Seller’s receipt.. Asset Purchase Agreement between Xxxxxxx Resources, Inc. and Xxxxx Xxxxxxxx 4 Proprietary and Confidential Intended for Addressee Only

Division of Hydrocarbons. After Closing, all Hydrocarbons hydrocarbons produced from the Subject Interests and not in storage tanks above the pipeline connection or past a measuring point as of the Effective Time shall be owned by Buyer. All Hydrocarbons produced from the Subject Interests and disposed of, or in storage tanks above the pipeline connection or past a measuring point as of the Effective Time shall be owned by Seller. To the extent that Seller has sold Hydrocarbons (other than such Hydrocarbons described in the preceding sentence) which constitute Purchased Assets after the Effective Time but prior to Closing, and the Base Purchase Price has not been adjusted under Section 1.6 for such proceeds, Seller shall deliver such proceeds to Buyer promptly upon Seller’s receipt.