Plugging and Abandonment Commitment Clause Samples

Plugging and Abandonment Commitment. As additional consideration for the execution of this Agreement, Purchaser agrees to either plug and abandon a minimum of *** w▇▇▇▇ situated on the Assets per year or spend a minimum of *** dollars annually on plugging and abandonment expenses pertaining to the Assets commencing in 2006. Purchaser shall provide reasonable access to the Assets and Purchaser’s books and records during normal business hours so that Seller may audit and confirm Purchaser’s performance of this commitment. If Purchaser fails to meet the commitment as set forth herein, Seller may, in addition to any other remedies available at law or equity or under this Agreement, at its sole election exercised from time to time, require Purchaser to place the difference between the actual cost of plugging and abandonment work completed annually and *** dollars into a plugging and abandonment trust under terms and administration acceptable to Seller. This commitment shall run with the land and be binding on Purchaser’s successors and assigns. Notwithstanding anything to the contrary set forth above, any such expenditures made by Purchaser in a given year in excess of *** dollars may be applied to its minimum *** dollar expenditure requirement for any subsequent year. EXECUTED as of the date first set forth above. By: /s/ A. R. Alameddine Name: A. R. Alameddine Title: Executive Vice President - Worldwide Business Development By: /s/G. ▇. ▇▇▇▇▇▇▇▇▇ Name: G. ▇. ▇▇▇▇▇▇▇▇▇ Its: President and Chief Operating Officer SIGNATURE PAGE OF PURCHASE AND SALE AGREEMENT by and between PIONEER NATURAL RESOURCES USA, INC. as Seller and MARITECH RESOURCES, INC. as Purchaser L00002580 ST LA 192PP E ▇ ▇▇▇▇▇▇ 2/20/1928 192 21 T-23-S, R-21-E, AS TO LANDS MORE PARTICULARLY DESCRIBED IN LEASE. L▇▇▇▇▇▇▇▇ ST LA 1772 GULF REFINING COMPANY 3/23/1950 145 99 T-23-S, R-21-E, TRACT 4469 CONTAINING 2120.92 ACRES L00002582 ST LA 1773 GULF REFINING COMPANY 3/23/1950 145 102 97.44 ACRES OUT OF TRACT 4470 OF STATE OF LOUISIANA LEASE 1773 LOCATED IN T-23-S, R-21-E DESCRIBED AS RETAINED ACREAGE IN THAT PARTIAL RELEASE OF LEASE DATED 5-8-1974 RECORDED COB 514 FOLIO 288 ENTRY NUMBER 387844 L00002587 ST LA 2243 G▇▇▇▇▇▇▇▇ PETROLEUM CORP 1/1/1994 1198 349 A 3 ACRE CIRCULAR AREA CENTERED AT A POINT HAVING L▇▇▇▇▇▇ 1567 541 COORDINATES OF X = 2,324,466315' & Y = 151,224.91' WHICH ENCIRCLES SWD WELL NO. 2, STATE LEAST 192 PP, MORE FULLY SHOWN ON PLAT ATTACHED TO SURFACE LEASE. L▇▇▇▇▇▇▇▇ DE LESSEPS S. ▇▇▇▇▇▇▇▇▇ TRUSTEE, ET AL GULF REFINING CO ...