Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobil. Title to Oil in storage for both ExxonMobil-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time. ExxonMobil, at its sole option, may include as “Oil in storage” all Oil in the system downstream of the wellhead at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobil-operated Interests, at the Effective Time ExxonMobil will (a) at its sole option, either run or gauge the Oil in storage, and (b) read and replace all gas meter charts. If the Effective Time is after the Execution Date, Buyer may be present for these operations. ExxonMobil will use measured Oil inventories in the closing settlement statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil may include the difference in the final settlement statement. Oil inventories will be priced, at ExxonMobil’s option, at either (A) ExxonMobil’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; (B) if there is no ExxonMobil-posted price for the field, then the average of the two highest prices, as determined by ExxonMobil, posted by other purchasing companies in the field or locality where the Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; (C) the applicable posted price, with appropriate gravity adjustments; or (D) the price received for the Oil from the purchaser (or an estimate of the price). For Interests operated by others, ExxonMobil will include in the closing settlement statement the quantity of Oil in storage at the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobil-operated Interests.
Oil in Storage. All Oil in Storage at the Effective Time, including working inventory, shall be for the account of Sellers. “Oil in Storage”, for purposes of this Agreement, will mean all oil which was produced from the Properties and which was, at the Effective Time, stored in tanks located on the Properties (or located elsewhere but used by Sellers to store oil produced from the Properties prior to delivery to oil purchasers) and above pipeline connections. Subject to the provisions of Section 7.5, Oil in Storage will be valued based on the realized price received by Sellers for oil sales from the Properties as of the Effective Time.
Oil in Storage. The Purchase Price shall be increased by the amount of the estimated amount to be received by Buyer for Seller’s interests in the quantity of saleable oil in storage on the Effective Date (if any), net of all applicable taxes and net of any charges attributable to such oil that are deducted under the contract between NOGI and the oil purchaser before remitting payment, which estimated amount shall be corrected to the actual amount received in the Final Settlement Statement (defined below);
Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to Seller. All storage tanks shall be gauged as of 7:00am, local time, or as close thereto as possible. Any oil so shown to be in storage shall be valued at the price last paid by purchases during the last month of sales, less any applicable taxes, royalties and/or other required payments. Seller shall have the right to have a representative present at the gauging of all tanks.
Oil in Storage. The Purchase Price shall include rights to all of Seller’s quantity of saleable oil in storage located in or on the Subject Property on the Effective Date; and
Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to Seller. Title to Oil in storage both for Interests previously operated by Manti and Interests operated by others will transfer to Buyer as of the Effective Time. The term "Oil in storage" shall carry the definition set forth in Section 11.01 of the ExxonMobil Agreement, and Oil in storage shall be measured and valued in the same manner as it is measured and valued in Section 11.01 of the ExxonMobil Agreement.
Oil in Storage. All “Oil in Storage” at the Adjustment Time, including working inventory, belongs to Global. Oil in Storage includes all Oil in the system downstream of the wellhead at the Adjustment Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. Oil in Storage will be determined by the sum of the following: (i) Oil in stock tanks, as gauged by Global at the Adjustment Time; plus (ii) five (5) barrels (representing the agreed upon amount of Oil downstream of the wellhead other than oil in stock tanks). Buyers and Global may be present when the stock tanks are gauged. At the Closing, title to Global’s Oil in Storage will transfer to Buyers. At the Closing, the Purchase Price paid to Global shall be increased by an amount determined by multiplying the estimated Oil in Storage by the price that would have been received for such Oil had such Oil been sold on December 31, 2005. This amount shall be set forth on the Preliminary Settlement Statement.
Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobil. Title to Oil in storage for both ExxonMobil-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time.
(b) ExxonMobil, at its sole option, may include as “Oil in storage” all Oil in the system downstream of the wellhead at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobil-operated Interests, at the Effective Time ExxonMobil will:
(1) at its sole option, either run or gauge the Oil in storage; and
(2) read and replace all gas meter charts. If the Effective Time is after the Execution Date, Buyer may be present for these operations.
(c) ExxonMobil will use measured Oil inventories in the Closing Settlement Statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil may include the difference in the Final Settlement Statement.
(d) Oil inventories will be credited in the Closing Settlement Statement. The assessed value of the Oil in Storage will be priced at the price received for the most recent full month of production preceding the Effective Time.
Oil in Storage. The Sale Price shall be adjusted upward in an amount equal to the value of all merchantable, allowable, oil in storage at the Effective Time, above the pipeline connection, which is sold and which is credited to the Properties and paid to Buyer, such value to be the actual price received by Buyer, less taxes and deductions. The Sale Price shall be adjusted downward in an amount equal to the proceeds received by Seller from the sale of oil, gas, or other hydrocarbons attributable to the Properties and which are produced after the Effective Time.
Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, attributable to the Beta Interests, shall belong to Shell. Subject to Buyer's payment for such Oil as set forth below, title to Oil in storage that was produced from the Beta Unit and is attributable to the Beta Interests will transfer to Buyer at the Closing, but effective as of the Effective Time.
(b) Shell shall retain its ownership in its portion of Oil downstream of the LACT Unit on Platform Elly at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. At the Effective Time, Aera will either run or gauge the Oil in storage with respect to the Beta Unit. At the Escrow Opening, Buyer will pay to the Escrow Agent, and at the Closing, Buyer will cause the Escrow Agent to pay to Shell an amount equal to $126,760.56, which amount is agreed to be a good faith estimate of the value of Shell's Oil in storage and in pipelines as of the Effective Time (the "Inventory Closing Amount"). Such amount shall be subject to adjustment after the Closing in the preparation of the Final Settlement Statement to account for the difference between the value of (x) the actual amount of Oil in storage and attributable to the Beta Interests and the value of such Oil (determined pursuant to Section 13.01 (d)), and (y) the amount of the Inventory Closing Amount.
(c) Shell will use measured Oil inventories in the Final Settlement Statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three (3) most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, Shell may include the difference in the Final Settlement Statement.
(d) Oil inventories will be priced, at Shell's option, at either (i) the average of the two highest prices, as determined by Shell, posted by other purchasing companies in the field or locality where the Beta Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; or (ii) the average, actual price received from the sale of Oil shipped from the Beta Unit by Buyer during the month in which the Effective Time occurs.
