Phase I Participation Sample Clauses

Phase I Participation. Beginning at 7:00 A. M. on the effective date hereof and remaining in effect until 7:00 A. M. on the first day of the month next following the month in which the cumulative amount of oil produced from the Tansill, Yates, Seven Rivers and Queen Formations underlying all of the Tracts described in Original Exhibit “B” from and after January 1, 1968, equals 1,000,000 barrels, the Tract Participation of each Tract shall be as shown in Phase I of Exhibit “C” and shall be determined from the following formula: Tract Participation Percentage, Phase I equals 100% Where: A equals total income from oil, casinghead gas and dry gas produced from such Tract from the Unitized Formation during the period January 1, 1967 to January 1, 1968.