PHASE 1 PURCHASE PRICE. Pursuant to Section 2.1 (Purchase Price) the total Purchase Price is $195,000,000. At the Phase 1 Closing, Buyer shall pay to Seller a pro rata portion of the Purchase Price being the gross acreage of the Phase 1 Property divided by 454.31 total gross acres, and multiplied by $195,000,000 (the “Phase 1 Purchase Price”). Buyer shall pay the Phase 1 Purchase Price, by wire transfer of immediately available federal funds, net of all prorations, adjustments and credits as provided herein). Based on Exhibit B-1, the parties hereto intend for the Phase 1 Property to be 212.14 gross acres corresponding to a Phase 1 Purchase Price of $91,055,227. 2.4.2
PHASE 1 PURCHASE PRICE. The purchase price of Phase 1, which is based on the estimated Phase 1 acreage, the Phase 1 Appraisal, and a unit price per acre of Four Thousand Three Hundred Ninety Dollars (US$4,390.00), shall be One Million Eight Hundred Seventy Thousand Six Hundred Twenty-three Dollars (US$1,870,623), payable in cash at closing. IX.
