Farmouts. The Managing Partner may dispose of Producing Properties by Sale or Farmout when it, exercising the standard of a prudent operator, determines that (a) the Production Partnership lacks sufficient funds to conduct Development Drilling, Identified Development Drilling or Improved Recovery operations on the properties and cannot obtain suitable alternative financing for such Development Drilling, Identified Development Drilling or Improved Recovery operations; (b) the properties have been downgraded by events occurring after assignment to the Production Partnership to the point that additional Development Drilling, Identified Development Drilling, Improved Recovery operations or continued production would no longer be desirable to the Production Partnership; (c)
Appears in 5 contracts
Samples: Partnership Agreement (Geodyne Energy Income LTD Partnership Ii-B), Partnership Agreement (Geodyne Energy Income LTD Partnership Ii-B), Partnership Agreement (Geodyne Energy Income LTD Partnership Ii-B)
