Mutual Interest Lands Sample Clauses
Mutual Interest Lands. (a) Article 8.00 of the Farmout & Royalty Procedure shall apply from the Effective Date and shall remain in full force for one (1) year from the drilling rig release date of the Test Well.
(b) Any Mutual Interest Lands acquired pursuant to this Article 8.00 of the Farmout& Royalty Procedure by the Farmee shall be subject to a 5% Overriding Royalty payable to the Farm or.
(c) In the event the Farmee does not meet their requirements pursuant to Clause 3 and 4 of thisAgreement, This Agreement and Mutual Interest Lands will be terminated.
Mutual Interest Lands. An area of mutual interest is hereby established with respect to the following lands, namely: Sections 4, 5 and 6, ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇, ▇▇▇ and Sections 16, 17, 18, 19, E/2 20, 21, 28, 29, 30, 31, E/2 32 and ▇▇, ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇, ▇▇▇ (▇▇▇ "Mutual Interest Lands"). The area of mutual interest shall be effective commencing on the date of this Agreement and shall expire 36 months following the drilling release date for the Test Well hereunder, unless earlier terminated as provided for in Section 2.1(c) hereof. Pursuant to Clause 2.1, it is recognized that E/2 section 32 and section 33 may become Farmout Lands.