Prospect Xxxxx For Re Entry Sample Clauses

Prospect Xxxxx For Re Entry. Subject to examination and approval of title, on or before April 1, 2014, the anticipated commencement period, Operator shall use its best efforts to commence or cause to be commenced the actual drilling operations of one or more of the Prospect Xxxxx at locations on the lands covered by the Leases described in Exhibit “A,” which locations are to be selected by Operator, in its sole and absolute discretion, and to then complete each of the Prospect Well or Xxxxx in a prudent manner, without unreasonable delay, in accordance with field practices prevailing in the area where the Leases are located, to the Objective Depth and Formation. After each Well has reached Objective Depth and Formation, Operator, in its sole discretion, shall make such attempts to complete each Well or Well(s), as would be made by a reasonable and prudent Operator, pursuant to practices prevailing in the area and for the Objective Depth. The Turnkey Cost to Casing Point, and beyond to full production status, paid by Participant to Operator, is in payment of Participant’s share of the costs to Drill and Complete each Prospect Well to casing point and thereafter to full production status. Upon reaching formation entry objective a decision will be made, at the sole discretion of Operator, to test and complete each Prospect Well. Upon each Well having reached Objective Depth and formation entry, Operator shall notify each Participant of its election to test and to complete each Prospect/Re Entry Well to bring on full production, or of Operator’s election to plug and abandon any Prospect Well. If the first two xxxxx drilled become dry holes, the Operator, Participant 1, and Participant 2 to this Agreement may elect to cancel further drilling and development for this Turnkey Participation Agreement, without penalty or further cost.

Prospect Xxxxx For Re Entry. Subject to examination and approval of title, on or before January 30th, 2013, Operator shall use its best efforts to commence or cause to be commenced the actual drilling operations of one or more of the prospect xxxxx (the “Prospect Xxxxx”) at locations on the lands covered by the Leases described in Exhibit “A,” which locations are to be selected by Operator, in its sole and absolute discretion, and to then complete each of the Prospect Well in a prudent manner, without unreasonable delay, in accordance with field practices prevailing in the area where the Leases are located, to the Objective Depth and Formation. The Turnkey Cost to Casing Point, and beyond to full production status, paid by Participant to Operator, is in payment of Participant’s share of the costs to Drill and Complete each Prospect Well to casing point and thereafter to full production status. Upon reaching formation entry objective a decision will be made, at the sole discretion of Operator, to test and complete each Prospect Well. Upon each Well having reached Objective Depth and formation entry, Operator shall notify the Participant of its election to test and to complete each Prospect Well to bring on full production, or of Operator’s election to plug and abandon any Prospect Well. If the first two xxxxx drilled become dry holes, the Operator and Participant to this Agreement may elect to cancel further drilling and development for this Turnkey Participation Agreement, without penalty or further cost.