Ownership of Production. Production from each well drilled on a Prospect Area will be owned pursuant to the terms of this Agreement and the Operating Agreement for such Prospect Area.
Ownership of Production. Each Participant shall have the right to take in kind or separately dispose of its proportionate share of all oil and gas produced from any Lease subject to the Program pursuant to the terms of this Agreement. Any extra expenditure incurred in the taking in kind or separate disposition by any party hereto of its proportionate share of production shall be borne by such party. Each party shall execute such division orders and contracts as may be necessary for the sale of its interest in production from any such Lease. The proceeds from the sale of all production produced, saved, and sold from any Prospect herein shall be paid to MOC by all purchasing companies purchasing such production, and by the execution of this Agreement, MOC and the Participants covenant and agree to hold harmless all purchasing companies from any and all liability by reason of paying any such proceeds to MOC. Further, the Participants authorize and direct MOC to deduct from their proportionate share of such proceeds from such sales all Operating Costs and other expenses and costs of all types owed to MOC provided for under the terms of this Agreement and remit the balance from the sale to the Participants. In the event any party shall fail to make the arrangements necessary to take in kind or separately dispose of its proportionate share of oil and gas produced from any such Lease, the Program Manager shall have the right, but not the obligation, subject to the revocation at will by the party owning such production, to purchase such oil and gas or sell it to others at any time and from time to time for the account of such party at a price competitive with the best price obtainable in the area for such production. Any such purchase or sale by the Program Manager shall be subject to the right of the owner of the production to exercise at any time its right to take in kind, or separately dispose of, its share of all oil and gas not previously delivered to a purchaser. Any purchase or sale by the Program Manager of any other party’s share of oil and gas shall be only for such reasonable periods of time as are consistent with the minimum needs of the industry under the particular circumstances.
Ownership of Production. All the oil, gas and casinghead gas produced for the account of the Leasehold Interests from any well shall be owned by McMoRan, Participant and by the other members of the McMoRan Group severally, in proportion to the respective interests of each therein as set forth in Paragraph 3.2. above, except as otherwise provided in this Agreement, and subject to the right, if any, that others may have under the terms of this Agreement or any operating agreement relating to such well. Anything to the contrary herein notwithstanding, each party shall at all times have the right to take in kind or separately dispose of such party's share of the production from any such well, subject to the provisions of the applicable Program Operating Agreement. McMoRan shall, however, attempt to give Participant at least seven (7) days advance written notice of the anticipated date of first deliveries of any production from a Prospect.
Ownership of Production. MAB shall be entitled to receive its proportionate share of proceeds, less expenses, from all production and products attributable to the Properties prior to the Effective Date (the "Net Proceeds"). All Net Proceeds after the Effective Date shall be for the account of PetroHunter.
Ownership of Production. The NPI Holder shall not own any Production and shall have no right to take Production in kind.
Ownership of Production. 5 4.2 Accounting...................................................5 4.3
Ownership of Production. Production from each well drilled on the Contract Area will be owned pursuant to the terms of this Agreement, the Farmout Agreement and the Operating Agreement.
Ownership of Production. Producer shall be the absolute and unqualified owner throughout the world, in perpetuity, of, and Artist hereby grants to Producer all rights of every kind whatsoever in and to, the Program, all rights therein and all properties thereof, all Material furnished by Artist and all results and proceeds of Artist's services hereunder, it being understood that Artist will perform services hereunder entirely as Producer's employee and that Artist shall have no right, title or interest of any kind or nature in or to any such Material, results and proceeds or Program. Without limiting the generality of the foregoing, Artist hereby acknowledges and agrees that Producer shall have the absolute, unqualified and perpetual right throughout the world to use and reuse the Program, all Material and master recordings pertaining thereto, and all rights therein and all properties thereof, in any and all media, whether known or hereafter discovered or discovered or devised, and for any and all purposes, including, without limitation, the right to rerun the Program or portions thereof on television an unlimited number of times anywhere in the world (whether or not by means of pay or free television or by means of tape, video cassettes, electronic video recordings or other component devices or any other process, device or method now in existence or hereafter devised which is similar thereto) and to exhibit the same theatrically an unlimited number of times anywhere in the world. Producer shall be entitled to change, alter, revise, add to or subtract from, any Material and/or master recordings created by Artist and/or any other results and proceeds of the services rendered hereunder in Producer's sole discretion, and to combine the same with other material created or furnished by others.
Ownership of Production. Ownership of all production and products attributable to the Property shall pass to Buyer as of the Effective Time.
Ownership of Production. 4 4.2 ACCOUNTING...................................................4 4.3
