Hanover’s Drilling of Injection Well Sample Clauses

Hanover’s Drilling of Injection Well. If, as of October 15, 2002, Redwood has not yet commenced and diligently prosecuted the drilling of the Injection Well, after notice to Redwood Hanover or its assigns may, but is not obligated to, undertake the drilling thereof on Redwood’s behalf, provided that Redwood and Gateway hereby give their irrevocable consent to the assignment by Hanover as contemplated above. Hanover may, in its sole discretion, use a third party contract operator, or select Redwood to serve as contract operator to drill, or cause to be drilled, the Injection Well at Hanover’s sole cost and expense. Hanover shall drill, complete, equip, and operate or cause its contract operator to drill, complete, equip, and operate, the Injection Well as a reasonable prudent operator and in accordance with all Laws and Governmental Authority having jurisdiction. Hanover shall thereafter be entitled to receive from all of the Wellhead Revenue (as such term is used in the Gas Purchase Agreement) attributable to Redwood’s interest in any well within the AMI an amount equal to two hundred fifty percent (250%) of all of Hanover’s direct costs and expenses incurred in drilling and completing the Injection Well, and two hundred fifty percent (250%) of all equipment and one hundred percent (100%) of lease operating costs associated therewith (including, without limitation, that portion of the Minimum Payment attributable to Redwood’s interest, but not any portion thereof payable as landowner’s royalty, or by virtue of any net profits or other interest burdening the interest of Redwood in effect and filed in the Official Records of Madison County, Texas as of the date hereof). On the first day of the month after the month that Hanover has received such amounts, Redwood’s right to receive all of the proceeds from the sale of gas subject to the Gas Purchase Agreement attributable to Redwood’s interest in any well within the AMI title shall ipso facto revert to and revest in Redwood.
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