Common use of SECTION SEVEN – OWNERSHIP OF OIL AND GAS Clause in Contracts

SECTION SEVEN – OWNERSHIP OF OIL AND GAS. 7.1. The volumes of Oil and Gas obtained at the Measurement Point shall be distributed between the Contracting Party and the Contracted Parties, according to the percentage of Profit Oil established in the Production Sharing Agreement. The Profit Oil share of the Production of Oil and Gas, plus the volumes regarding the refund of Cost Oil and the volume corresponding to the Royalties payable by each Contracted Party, shall be distributed according to the Contracted Parties’ Shares, as provided for in this Consortium Agreement.

SECTION SEVEN – OWNERSHIP OF OIL AND GAS. 7.1. The volumes of Oil and Gas obtained at the Measurement Point shall be distributed between the Contracting Party and the Contracted PartiesContractors, according to the percentage of Profit Oil established in the Production Sharing Agreement. The Profit Oil share of the Production of Oil and Gas, plus the volumes regarding the refund of Cost Oil and the volume corresponding to the Royalties payable by each Contracted PartyContractor, shall be distributed according to the Contracted PartiesContractors’ Shares, as provided for in this Consortium Agreement.