Obligation Xxxxx Sample Clauses

Obligation Xxxxx. Participant agrees to pay for its Participant Interest share of the drilling, completion and equipping, or the plugging and abandonment, of the Obligation Xxxxx. PetroShare shall use its commercially reasonable efforts to commence the drilling of the first Obligation Well by October 15, 2013.
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Obligation Xxxxx. The xxxxx will be drilled from a common well pad and will be the Xxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X, a vertical well bore and the Xxxxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X; directional well bore to test the Niobrara formation at approximately, 7850 feet TVD.
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Obligation Xxxxx. A complete and accurate description of all drilling obligations and other material development obligations (and the penalties for the breach thereof) affecting the Subject Interests is set forth in Exhibit A.
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Obligation Xxxxx. As additional consideration for the Assets, in addition to payment of the Purchase Price, Buyer, at its sole expense, as Operator, will Drill and Complete (as those terms are later defined) three (3) new xxxxx (the “Obligation Xxxxx”). As used herein the term “Drill,” “Drilled,” or “Drilling” shall mean all activity and operations necessary to drill an Obligation Well to its final total length and/or depth and including any title examination, permitting, surveying, site preparation, casing, cementing, testing, data processing, logging, coring, or other work or operations necessary or incident to preparing the Obligation Well for completion operations, or if a dry hole, through the plugging and abandonment of the Obligation Well and abandonment of its surface location, unless Buyer intends to use the surface location in connection with the drilling of another well.
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Obligation Xxxxx. For the purposes of this clause, an obligation well is a well which is required to be commenced and drilled on the Lands under the terms of the Permits or under the terms of any regulations or statutes applicable thereto and that failure to commence and drill the same will result in forfeiture of all or a portion of the Lands.
Sample 1
Obligation Xxxxx. Each of the Leases contains a provision obligating Lessee to drill certain xxxxx during the primary terms of said Leases as more fully set forth in the Leases. Lessor agrees to waive any obligation for Lessee to drill any xxxxx which have not been drilled to date under the express drilling obligation provisions of either of the Leases, and in lieu and exchange for such waiver, Lessee agrees to drill a minimum of two (2) test xxxxx on the Lands covered by either of the Leases prior to the expiration of the Extended Primary Term, each of which must be at least a Xxxxxx test well (the “Obligation Xxxxx”). For the purposes of this provision, the term “drill” shall mean that a well has been drilled to a depth sufficient to test the Xxxxxx formation and has either been completed as a producer of oil and/or gas, or has been plugged and abandoned. The drilling of the Obligation Xxxxx shall satisfy any and all of Lessee’s expressed and/or implied covenants or duties, if any, to Lessor under either of the Leases with respect to the drilling of xxxxx during the Extended Primary Term.
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Obligation Xxxxx. Within ten (10) days of its receipt of the drilling notice for the first Obligation Well and the A.F.E.s for all four (4) Obligation Xxxxx, Stratex shall pay to Eagle Stratex’s Before First Sales Cost Interest share of the estimated Drilling Costs set forth on the A.F.E.s for all four (4)
Sample 1
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Obligation Xxxxx. If Stratex fails to pay, in a timely manner as provided in this Section 2.01, its Before First Sales Cost Interest share of the estimated Drilling Costs for all four (4) Obligation Xxxxx, Stratex shall forfeit all right to participate in the development of the Gunsmoke Prospect, and this JDA shall terminate. If Stratex pays in full its Before First Sales Cost Interest share of the estimated Drilling Costs of the four (4) Obligation Xxxxx in a timely manner as provided in this Section 2.01, Eagle shall commence the actual drilling of the second Obligation Well as soon as is reasonably possible following Eagle’s release of the drilling rig from the location of the first Obligation Well. Similarly, Eagle shall commence the actual drilling of the third Obligation Well as soon as is reasonably possible following Eagle’s release of the drilling rig from the location of the second Obligation Well, and shall commence the actual drilling of the final Obligation Well as soon as is reasonably possible following Eagle’s release of the drilling rig from the location of the third Obligation Well. Joint Development Agreement - Gunsmoke Prospect - Ford County, Kansas Page 4 of 18
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Obligation Xxxxx. The xxxxx will be drilled from a common well pad on Exhibit A leases, and will be the Xxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X, a vertical well bore and the Xxxxxxxx #3-25 well, located in XXXX Xxxxxxx 00, X0X X00X; directional well bore to test the Niobrara formation at approximately, 7855 feet TVD. Upon reaching total depth in the first Obligation Well and upon the completion of mud logging and open hole logging operations, PetroShare will provide such data to all JOA working interest participants along with its well evaluation report. Participant(s) shall have forty eight (48) hours from the receipt of the data to make its election whether to proceed with the drilling of the second Obligation Well. In the event a simple majority of JOA participants elect not to proceed with the drilling of the second Obligation Well, PetroShare shall release the rig and waive the requirement to drill the second Obligation Well.
Sample 1

Related to Obligation Xxxxx

  • Obligations Guaranteed Subject to the provisions of this Article II, the Guarantor hereby fully, unconditionally and irrevocably guarantees (a) to each Holder of a Senior Note authenticated and delivered by the Trustee or Authenticating Agent, (i) the full and prompt payment of the principal of, and premium, if any, and interest on, and any Redemption Price with respect to, such Senior Note, when, where and as the same shall become due and payable, whether at the stated maturity thereof, by acceleration, call for redemption or otherwise in accordance with the terms of such Senior Note and the Indenture and (ii) the full and prompt payment of interest on the overdue principal and interest, if any, on such Senior Note, at the rate specified in such Senior Note and to the extent lawful and (b) to the Trustee the full and prompt payment upon written demand therefor of all amounts due to it in accordance with the terms of the Indenture (collectively the “Guaranteed Obligation”). If for any reason the Company shall fail punctually to pay any such Guaranteed Obligation, the Guarantor hereby agrees to cause any such Guaranteed Obligation to be made punctually when, where and as the same shall become due and payable, whether at the stated maturity thereof, by acceleration, call for redemption or otherwise. All payments by the Guarantor hereunder shall be paid in lawful money of the United States of America. This Guarantee is unsecured and ranks equally in right of payment with all of the Guarantor’s existing and future senior indebtedness.

  • Agreement to Assume Obligations The New Issuer hereby agrees to unconditionally assume the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XIV of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of the Issuer under the Indenture.

  • Obligations to the Company During his Employment, the Executive (i) shall devote his full business efforts and time to the Company, (ii) shall not engage in any other employment, consulting or other business activity that would create a conflict of interest with the Company, (iii) shall not assist any person or entity in competing with the Company or in preparing to compete with the Company and (iv) shall comply with the Company’s policies and rules, as they may be in effect from time to time.

  • The Companys Payment Obligation The Company’s obligation to make the payments and the arrangements provided for herein shall be absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or anyone else. All amounts payable by the Company hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Company shall be final, and the Company shall not seek to recover all or any part of such payment from the Executive or from whomsoever may be entitled thereto, for any reasons whatsoever. The Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Agreement, and the obtaining of any such other employment shall in no event effect any reduction of the Company’s obligations to make the payments and arrangements required to be made under this Agreement, except to the extent provided in Section 3.3(d) herein.

  • One Obligation The Loans, LC Obligations and other Obligations shall constitute one general obligation of Borrowers and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral; provided, however, that Agent and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

  • Conditions to Xxxxx’x Obligations The obligations of Xxxxx hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by Xxxxx of a due diligence review satisfactory to Xxxxx in its reasonable judgment, and to the continuing satisfaction (or waiver by Xxxxx in its sole discretion) of the following additional conditions:

  • Obligations Absolute The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

  • Payment obligations continue No Debtor shall be released from the liability to make any Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation of Clauses 8.1 (

  • Release on Payment in Full Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions of the Note and this Agreement, release the Lien of the Pledge Agreement on the Collateral.

  • Unpaid Reimbursement Obligation Any Reimbursement Obligation for which the Borrower does not reimburse the Agent and the Banks on the date specified in, and in accordance with, Section 4.2.

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