Farmout Sample Clauses
Farmout. Assignor may from time to time enter into Farmout Agreements farming out to Third Persons Assignor’s interest in the Subject Interests. In the event that Assignor enters into any such Farmout Agreement with a Third Person, (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interest after giving effect to any interest in the Subject Interest that a counterparty to the Farmout Agreement may earn under such Farmout Agreement and (ii) only the Assignor’s retained interest in the Subject Interest will count towards Assignor’s obligation to drill Development Xxxxx under the Development Agreement.
Farmout. The common petroleum industry transaction by which an oil and gas lease owner contracts to assign a lease or some portion of it to another who undertakes drilling obligations. The assignor usually retains an interest such as an overriding royalty, production payment or working interest.
Farmout. Within a period of five (5) years following the Closing, Seller may propose a maximum of two farmout agreements per year covering some or all of Buyer’s interest in the Wind River Assets for exploration activities and Buyer agrees to negotiate with Seller in good faith to enter such farmout agreements on commercially reasonable terms. Seller’s proposal for farmout agreements under this provision may not cover more than 50,000 net acres in the aggregate. The basic economic terms of any farmout agreement would be a farmout of: (1) in the first well - 100% of the working interest; with Buyer to deliver 80% Net Revenue Interest in the subject leases; an option for a back in for 25% working interest after a 200% payout; (2) 25% working interest in subsequent xxxxx within contiguous four section areas; and (3) in order to earn the working interest in such subsequent xxxxx, Seller must spud each subsequent well within 6 months after the completion date for either the first well or a previous subsequent well, as applicable, subject, however, to stipulations contained in the leases issued by the United States of America.
Farmout. Subject to the Farmee funding the costs under section 2.2, the Farmee shall have the right to fund and earn an interest in the Lands, before and after payout, on the terms and conditions provided in this Article 2.
Farmout. Operating Partnership shall have the power and right to enter into farmout agreements with respect to (i) the Overriding Royalty Depth and the Overriding Royalty Surface Acreage, free from any Net Profits Interest but subject to Pension Partnership's Overriding Royalty Interests, and (ii) the Net Profits Depth and the Net Profits Surface Acreage, free from the Overriding Royalty Interest but subject to any Net Profits Interest.
Farmout. Within a period of five (5) years following the Closing, Seller may propose a maximum of two farmout agreements per year covering some or all of Buyer’s interest in the Wind River Assets for exploration activities and Buyer agrees to negotiate with Seller in good faith to enter such farmout agreements on commercially reasonable terms. Seller’s
(1) in the first well - 100% of the working interest; with Buyer to deliver 80% Net Revenue Interest in the subject leases; an option for a back in for 25% working interest after a 200% payout; (2) 25% working interest in subsequent xxxxx within contiguous four section areas; and (3) in order to earn the working interest in such subsequent xxxxx, Seller must spud each subsequent well within 6 months after the completion date for either the first well or a previous subsequent well, as applicable, subject, however, to stipulations contained in the leases issued by the United States of America.
Farmout. USO hereby farmsout to SCS all of the rights and obligations ------- of USO in and under the Accord. The Accord is attached hereto as Exhibit 1.1 and incorporated by this reference herein for all purposes, the same as if the Accord were set forth herein verbatim. SCS hereby agrees (i) to each and all of the terms and conditions included in the Accord and (ii) to perform all obligations imposed upon the "Contractor" (as that term is defined in the Accord) in and under the Accord.
Farmout. WELLX All wellx xx the Farmout Area which are drilled, sidetracked, deepened, reworked, completed or recompleted by or on behalf of Farmoutee under the terms of this Agreement or in which other downhole operations are performed by or on behalf of Farmoutee to commence or restore production under the terms of this Agreement, LESS AND EXCEPT the Excluded Wellx.
Farmout. In consideration of Cliveden's agreement to assume the costs associated with the Concession, as hereinafter provided, Trinity, on behalf of itself and the Consortium, does hereby agree to sell and transfer to Cliveden fifty percent (50%) of the entire working interest in the Concession owned by Trinity. This assignment ix xxxxect to the following terms and conditions:
A. Cliveden must notify Txxxxxx xx xxter than November 30, 1999 that Cliveden has elected to receive the Assignment and to assume its obligations hereunder.
B. Following such election, Trinity will promptly delxxxx xo Cliveden an assignment (the "Assignment"), in a form and substance satisfactory to Cliveden, of fifty percent (50%) of 100% of the working interest in the Concession and will seek all necessary authorizations from the Government of Chad to assure that the rixxxx of Cliveden to such undivided interest are recognized by said government.
C. Following receipt of the Assignment, and the approval of same by the Government of Chad, Cliveden agrees to xxxxme one hundred percent (100%) of Trinity's actually and reasonably incurred and/or expended costs, from inception, in acquiring, administering, exploring and developing the acreage covered by the Concession until Payout (as hereinafter defined) occurs.
D. Cliveden shall receive nxxxxx xxxxxxt (90%) of all net revenue (with Trinity receiving the remaining ten percent (10%) of such revenue) attributable to the wells drilled on the acrxxxx covered by the Concession until such time that Cliveden has recovered from all sales of production, net of all royalties, severance taxes, production taxes or similar burdens, one hundred ten percent (110%) of all sums paid in connection with the Concession obligations assumed hereunder including but not limited to (i) all costs heretofore incurred by Trinity for acquisition of the Concession and rental payments in connection therewith and (ii) all costs for third party geological and geophysical evaluations, site preparations, drilling, reworking, deepening, sidetracking, plugging back, surveying, staking, surface damage, road construction, logging, fracturing and other stimulation, pipelines and pipeline concessions, testing, completing, equipping (including equipment costs), operating, plugging and abandoning, and producing (including overhead charges) with respect to all wells drilled on the acreage xxxxred by the Concession. Following Cliveden's recovery of one hundred ten percent (110%) of such co...
Farmout. Richfield and Skyline shall continue to cooperate in efforts to farmout the project for the mutual benefit of both companies.