Overinvestments for Single Completions Sample Clauses

Overinvestments for Single Completions. The Participating Parties as to the depths below the deepest Producible Reservoir shall be deemed overinvested in an amount equal to the Non-Participating Party s Share of the well s Cost down to the deepest Producible Reservoir at the first of the following events: (i) the well is not a Producible Well in the deeper depths and the well is plugged back to a shallower zone; or, (ii) the well is completed as a Producible Well in the deeper depths, but Hydrocarbon production from the deeper zone is later depleted prior to Non-Consent Recoupment (attributable to Deeper Drilling operation) and the well is plugged back to a shallower zone; or, (iii) the well is completed as a Producible Well in the deeper depths and the Participating Parties have recovered the applicable Non-Consent Recoupment (attributable to the Deeper Drilling operation) from Hydrocarbon production from the deeper zone. The overinvestment shall be depreciated at the rate of one- half percent (.50%) per month from the date the Deeper Drilling operation commences to the earlier of the date of (i), (ii) and (iii) above, but such depreciation shall not reduce the overinvestment below forty percent (40.0%) of the original overinvestment. The Non-Participating Parties in the Deeper Drilling operation shall assume their proportionate share of the Participating Party's Share of the Costs of other operations conducted under this Agreement until all overinvestments are eliminated.
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