Common use of Initial Operations Clause in Contracts

Initial Operations. For purposes of depletion, the Joint Venture shall allocate to the Managing Venturer and to each Venturer on or before the date of acquisition of each oil and gas property acquired with respect to Initial Operations, a portion of the adjusted basis of such property. Such basis shall be allocated 1% to the Managing Venturer and 99% to the Venturers (and to each Venturer in the proportion that such Venturer’s Units bears to the total Units of all Venturers).

Initial Operations. For purposes of depletion, the Joint Venture shall allocate to the Managing Venturer and to each Venturer on or before the date of acquisition of each oil and gas property acquired with respect to Initial Operations, a portion of the adjusted basis of such property. Such basis shall be allocated 150% to the Managing Venturer TransCoastal and 9950% to the Venturers (and to each Venturer in the proportion that such Venturer’s Units bears to the total Units of all Venturers)Core.