Farmout Acreage Sample Clauses

Farmout Acreage. Farmor claims, without warranty, to own certain Oil and Gas Leases, all with various dates which are described in detail on Exhibit "A" and Exhibit "B" which is attached hereto and made a part hereof for all purposes and are recorded in the Official Public Records of Cxxxxxxx County, Texas, (herein referred to as "Said Leases"). The Said Leases covers the following lands and premises (herein sometimes referred to as the ("Farmout Acreage") as also set out in Exhibit "A" and Exhibit "B" attached hereto and made a part of this Farmout Agreement.
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Farmout Acreage. During the term of this Agreement CUSA shall be entitled to farmout to a third party undeveloped acreage covered by an oil, gas and mineral lease or mineral fee interest held by CUSA in the event CUSA, acting as a prudent operator, determines that such a farmout is in the best interests of CUSA. In the event of such a farmout, CUSA will exercise reasonable efforts to (i) retain a call on gas produced from the acreage subject to the farmout, provided that such a call does not diminish the return to CUSA when compared to the return in the absence of the call; or (ii) minimize the period of time elapsing before CUSA is entitled to take and market its proportionate share of the gas produced from the farmout acreage. Gas produced from farmout acreage shall not be Committed Gas under this Agreement until such time that CUSA is entitled to take and market such gas.
Farmout Acreage. In the event that Farmee elects to proceed with the development of the Farmout Acreage pursuant to the terms provided for herein, any and all cost, risk and expense associated with such operations shall be solely for Farmee's account, unless and until the effective time of Farmor's conversion of its Reserved ORRI (as hereinbelow defined) to a working interest as provided for in Section 3.3, below.
Farmout Acreage. During the term of this Agreement Producer shall be entitled to farmout to a third party undeveloped acreage covered by an oil, gas and mineral lease or mineral fee interest held by Producer (including, but not limited to, a non-producing horizon under a producing lease) in the event Producer, acting as a prudent operator, determines that such a farmout is in the best interests of Producer. In the event of such a farmout, Producer will exercise reasonable efforts to (i) retain a call on gas produced from the acreage subject to the farmout, provided that such a call does not diminish the return to Producer when compared to the return in the absence of the call; or (ii) minimize the period of time elapsing before Producer is entitled to take and market its proportionate share of the gas produced from the farmout acreage. Gas produced from farmout acreage shall not be Committed Gas under this Agreement until such time that Producer is entitled to take and market such gas and has elected to do so.
Farmout Acreage. 6 2.2.2 Pre-Effective Date Commitments................................................6 2.2.3
Farmout Acreage. During the term of this Agreement, UPR shall be entitled to farm out to any third Person any acreage covered by an oil, Gas and mineral lease or mineral fee interest held by UPR. If there is production from acreage subject to a farmout, Gas produced from such acreage shall be Committed Gas, but only if such acreage is also committed to a gathering or processing agreement with UPFUELS on the date of such farmout. Except as specifically provided in the immediately preceding sentence, Gas produced from farmout acreage shall not be Committed Gas under this Agreement.

Related to Farmout Acreage

  • Leasehold Interests Each lease or agreement to which the Company is a party under which it is a lessee of any property, real or personal, is a valid and subsisting agreement without any default of the Company thereunder and, to the best of the Company's knowledge, without any default thereunder of any other party thereto. No event has occurred and is continuing which, with due notice or lapse of time or both, would constitute a default or event of default by the Company under any such lease or agreement or, to the best of the Company's knowledge, by any other party thereto. The Company's possession of such property has not been disturbed and, to the best of the Company's knowledge, no claim has been asserted against the Company adverse to its rights in such leasehold interests.

  • Oil and Gas Properties The Borrower will and will cause each Subsidiary to, at its own expense, do or cause to be done all things reasonably necessary to preserve and keep in good repair, working order and efficiency all of its Oil and Gas Properties and other material Properties including, without limitation, all equipment, machinery and facilities, and from time to time will make all the reasonably necessary repairs, renewals and replacements so that at all times the state and condition of its Oil and Gas Properties and other material Properties will be fully preserved and maintained, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts. The Borrower will and will cause each Subsidiary to promptly: (i) pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties, (ii) perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties, (iii) cause each Subsidiary to do all other things necessary to keep unimpaired, except for Liens described in Section 9.02, its rights with respect to its Oil and Gas Properties and other material Properties and prevent any forfeiture thereof or a default thereunder, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts and except for dispositions permitted by Sections 9.16 and 9.17. The Borrower will and will cause each Subsidiary to operate its Oil and Gas Properties and other material Properties or cause or make reasonable and customary efforts to cause such Oil and Gas Properties and other material Properties to be operated in a safe, careful, and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements, including the Environmental Laws.

  • Oil and Gas Operations (a) All wxxxx included in the Oil and Gas Interests of the Company have been drilled and (if completed) completed, operated and produced in accordance with generally accepted oil and gas field practices and in compliance in all respects with applicable oil and gas leases and applicable laws, rules and regulations, except where any failure or violation could not reasonably be expected to have a Material Adverse Effect on the Company; and

  • Area of Interest Any additional claims located or acquired by the Lessee within one (1) mile from the exterior boundaries of the mining claims described in Exhibit "A" shall become a part of the leased property and shall be subject to the terms of this lease as of the Effective Date.

  • Leaseholds If the Mortgage Loan is secured by a long-term residential lease, (1) the lessor under the lease holds a fee simple interest in the land; (2) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor's consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protections; (3) the terms of such lease do not (a) allow the termination thereof upon the lessee's default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default, (b) allow the termination of the lease in the event of damage or destruction as long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance policy or policies relating to the Mortgaged Property or (d) permit any increase in rent other than pre-established increases set forth in the lease; (4) the original term of such lease is not less than 15 years; (5) the term of such lease does not terminate earlier than five years after the maturity date of the Mortgage Note; and (6) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates in transferring ownership in residential properties is a widely accepted practice;

  • Notice of Sales of Oil and Gas Properties In the event the Borrower or any Subsidiary intends to sell, transfer, assign or otherwise dispose of any Oil or Gas Properties or any Equity Interests in any Subsidiary in accordance with Section 9.12, prior written notice of such disposition, the price thereof and the anticipated date of closing and any other details thereof requested by the Administrative Agent or any Lender.

  • Title to Properties; Leases Except as indicated on Schedule 7.3 hereto, the Borrower and its Subsidiaries own all of the assets reflected in the consolidated balance sheet of the Borrower and its Subsidiaries as at the Balance Sheet Date or acquired since that date (except property and assets sold or otherwise disposed of in the ordinary course of business since that date), subject to no rights of others, including any mortgages, leases, conditional sales agreements, title retention agreements, liens or other encumbrances except Permitted Liens.

  • DESCRIPTION OF LEASES AND WELL LOCATIONS 1. WELL LOCATION

  • Area of Mutual Interest The “ Xxxxxx Well #1” leases and any new lease to be acquired under this agreement, identified within the legal descriptions above, shall be designated as an Area of Mutual Interest (“AMI”) which shall expire on the termination of this Agreement. If any party hereunder acquires any interest within the AMI, the acquiring party will notify the non-acquiring party in writing of the terms of the acquisition and any costs and/or obligations incurred pursuant thereto within fifteen (15) days following the acquisition. The non-acquiring party will elect in writing within thirty (30) days from its receipt of such notice, as to its election to participate or not participate with its proportionate share of the acquisition. Each non-acquiring party’s election to participate will be accompanied by payment of its share of costs associated with the acquisition. If the non-acquiring party elects not to participate with its proportionate share of the acquisition, the acquiring party may retain the interest for its own benefit. The non-acquiring party’s failure to respond and make payment within the designated time frame shall be deemed an election not to participate in the acquisition. If the interest acquired covers lands lying partially inside and partially outside the boundaries of the AMI, the acquiring party shall offer the entirety of such interest to the non-acquiring party. If a non-acquiring party acquires its proportionate share of such interest, the lands lying outside the AMI and covered by the interest acquired, shall become a part of the “ Xxxxxx Well # 1” Lease and any new lease to be acquired subject to this Agreement and the AMI shall be enlarged to include said lands. Each lease, right, title or interest acquired under the terms of this AMI shall be subject solely to the burdens specified in this agreement and shall include specifically the carried working Interest specified in herein above. The prospect needs to be evaluated by Purchaser’s verification efforts with the understanding that a certain amount of risk is involved in the search and joint venture of oil production in this field despite third party geological reports and efforts by Seller to determine that there are economic quantities of oil to be produced from the “Xxxxxx Lease” lease or any new lease to be acquired under this agreement. Seller does not normally deal with individuals or companies who are not other oil companies or experienced service contractors or sophisticated investors, and it is understood all parties have experience in the oil and gas industry or understand the risks associated with doing business within that industry. Seller acquired the property but has no first-hand experience and was relying on the Operator to finalize the start-up and maintain the property, sell was acquired for investment property.

  • acres Tract 2:

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