Interest of the Parties. The costs, risk and liabilities associated with the exploration and development of the Contract Area (including all xxxxx, platforms, pipelines, facilities and equipment associated directly with the specified operations herein) and all oil and gas produced from xxxxx drilled pursuant to the terms hereof, shall be borne and owned, subject to the terms and conditions set out herein, and unless otherwise agreed, by the Parties in accordance with the following percentage working interests (“Working Interests”): Newfield 60.00000% Ridgewood 40.00000%* * Subject to an obligation to pay a disproportionate share of Test Well costs, as further described in Article 3.
Interest of the Parties. The costs and expenses associated with the exploration and development of the Contract Area (including all xxxxx, platforms, pipelines, facilities and equipment associated directly with the specified operations herein) and all oil and gas produced from xxxxx drilled pursuant to the terms hereof, shall be borne and owned, subject to the terms and conditions set out in this Agreement, and unless otherwise agreed, by the Parties in accordance with the following percentage Record Title Interests: Newfield 66.66667% * Ridgewood 33.33333% * *Subject to an obligation by Ridgewood to pay a disproportionate share of the costs and expenses of each Test Well, as further described in Article 3 of this Agreement.
Interest of the Parties. The costs, risk and liabilities associated with the exploration and development of the Contract Area and the Newfield Lease (including all wells, platforms, pipelines, facilities and equipment associated dirxxxxx with the specified operations herein) and all oil and gas produced from wells drilled pursuant to the terms hereof, shall be borne and owned, xxxject to the terms and conditions set out herein, and unless otherwise agreed, by the Parties in accordance with the following percentage working interests ("Working Interests"): Party Working Interests ----- ----------------- Newfield 50.00000% Ridgewood 50.00000%* *Subject to an obligation to pay a disproportionate share of Initial Test Well costs to Casing Point, as further described in Article 3. Participation Agreement-Eugene Island Block 346/347 dated March 15, 2007 Newfield Xxxxxration Company & Ridgewood Energy Corporation - 2 -
Interest of the Parties. Unless changed by other provisions, all costs and liabilities incurred in operations under this agreement shall be borne and paid, and all equipment and materials acquired in operations on the Contract Area shall be owned, by the Parties as their interests are set forth in Exhibit "A". In the same manner, the Parties shall also own all production of oil and gas from the Contract Area. Nothing contained in this Article III shall be deemed an assignment or cross-assignment of interests covered hereby.
Interest of the Parties. The Company covenants that its officers, employees, shareholders and sub-consultants have no interest and shall not acquire any interest, direct or indirect, which would conflict in any manner or degree with the performance of services required to be performed under this Agreement.
Interest of the Parties. The costs, risk and liabilities associated with the exploration and development of the Contract Area (including all wells, platforms, pipelines, facilities and equipment associated dirxxxxx with the specified operations herein) and all oil and gas produced from wells drilled pursuant to the terms hereof, shall be borne and owned, xxxject to the terms and conditions set out herein and in the Option Agreement and the Farmout Agreement, and unless otherwise agreed, by the Parties in accordance with the following percentage working interests ("Working Interests"): Party Working Interests ----- ----------------- Newfield 50.000% Ridgewood 50.000% * Subject to an obligation to pay a disproportionate share of Initial Test Well costs, as further described in Article 3.
Interest of the Parties. 5.1 Interests in the Agreement. RIATA and MANTI shall each own a fifty percent (50%) interest in the Agreement and the rights to explore derived therefrom, subject to the terms, conditions, reservations, and restrictions set forth herein. Each party is entitled to participate for such interest in the acquisition of any data or leases, in any agreements covering the designation of a Prospect Area proposed pursuant to this Agreement or a well to be drilled thereon. ARTICLE 6 DESIGNATION OF PROSPECT AREA(S) AND DRILLING OF XXXXX 6.1 Designation of the Initial Prospect Area. RIATA and MANTI hereby mutually agree to designate those lands lying within the blue outline on Exhibit “A”, being hereinafter referred to as the “Xxxxxxxxxx Ranch ‘A’ and West Ranch” Prospect Area, as the Initial Prospect Area for the purpose of exploring for oil and/or gas or other hydrocarbons. 6.2 Drilling of Initial Test Well(s) in the Xxxxxxxxxx Ranch “A” and West Ranch Prospect Area. RIATA and MANTI hereby mutually agree to drill six (6) obligatory Initial Test Xxxxx, as hereinafter defined in accordance with mutually acceptable drilling procedures and the AFE’s setting forth the drilling and completion costs for such xxxxx, attached hereto as Exhibit “C” and made a part hereof. The timing, location, objective depth and formation of such xxxxx shall be as follows: PRIORITY SECTION BLOCK ABSTRACT SURVEY DEPTH/FORMATION No. 1 32 138 5216 T & St. L. 6,000’/Caballos No. 2 4 600 5565 X.X. Xxxx 6,000’/Caballos Xx. 0 00 0 0000 X.X.X.X. 6,000’/Caballos No. 4 4 182 6073 T.C.R.R. 8,000’/Wolfcamp Xx. 0 00 X-0 0000 X.X. S.F. 4,500’/Caballos No. 6 The next obligatory well on the West Ranch Prospect Area. Exact location and depth yet to be determined. It is hereby mutually agreed to that in the event additional geological and/or engineering information becomes available and merits the drilling (or reentry) of test xxxxx other than the obligatory Initial Test Well set forth above, such test well(s) shall be substituted in place thereof
Interest of the Parties. Except as otherwise provided in this Agreement, the respective interests of the Parties (the "Percentage Interests") in the Joint Venture and the Venture's capital, assets, Distributable Cash and Net Profits (as defined herein) are as follows: Party Percentage Interest IIC 51% U.S.P.L. 49%
Interest of the Parties. The initial owners of the outstanding shares of CiaoHub shall be as follows: SinoHub 47% Ciao 47% Xxxxx X. Xxxxxxx 1% Xxxxxxx Xxxxxx 1% Xxxxxxx X. Xxxxxxx 1%
Interest of the Parties. 4.1 The interests and shares of the Joint Venturers in and to the assets and property of the Joint Venture, any revenues, profits, losses and tax benefits which may be derived from the performance of the Business and the obligations and liabilities of each of the Joint Venturers as among themselves in connection with the Joint Venture, and with respect to any and all liabilities in connection therewith, shall be in the following proportions: ATLAS 50 % CEP 50 %
4.2 The Joint Venturers agree that not less than 50 percent of the net profits earned by the Joint Venture shall be distributed to Atlas and 50 percent to CEP.
