Subsequent Operations. Seller makes no representations or warranties to Buyer as to transferability or assignability of operatorship of any Properties that Seller currently operates. Rights and obligations associated with operatorship of the Properties are governed by operating and similar agreements covering the Properties and will be decided in accordance with the terms of such agreements.
Subsequent Operations. Upon completion of an operation conducted under Article 10.8 (Course of Action After Reaching Objective Depth), if the well is not either (a) Completed as a Producible Well, or (b) temporarily abandoned or permanently plugged and abandoned, Operator shall notify the Participating Parties of Operator's recommendation for further operations in the well under Articles 10.8.1 through 10.8.4, which again shall apply. If sufficient approval is not obtained to conduct a subsequent operation in a well or if all Participating Parties elect to plug and abandon the well, subject to Article 14 (Abandonment, Salvage, and Surplus), Operator shall permanently plug and abandon the well at the cost and risk of all Participating Parties. Each Participating Party shall be responsible for its proportionate share of the plugging and abandonment costs associated with the operation in which it participated.
Subsequent Operations. Should Farmee drill the Initial Test Well, or its Substitute, to total depth as defined in Article 2.1 herein, Farmee shall have the continuing right to drill or rework additional xxxxx on the Farmout Acreage as long as Farmee commences operations on the Farmout Acreage within a period of Sixty (60) days after completion of the previous well, should such well be a commercial producer, or within a period of Sixty (60) days of the plugging and abandonment of the previous well, should such well be drilled as a dry hole. "Operations" are herein defined as the good faith effort by Farmee to make ready the location for the drilling of a subsequent well and to continue operations as any reasonably prudent operator would drill under the same or similar circumstances. Should production cease or lapse on the Farmout Acreage, this Agreement shall terminate unless Farmee conducts drilling or reworking operations with no cessation of more than Sixty (60) consecutive days in a good faith effort to restore the production of oil and gas substances in paying quantities on the Farmout Acreage. As long as there is production of oil and gas substances in paying quantities from the Farmout Acreage, this Agreement shall continue in full force and effect. Each subsequent well drilled by Farmee on the Farmout Acreage shall be burdened with Farmor's reversionary interest after payout on a well by well basis as defined in Article 3 herein.
Subsequent Operations. Seller makes no representations or warranties to Buyer as to the transferability or assignability of operatorship of the Properties. Buyer acknowledges that the rights and obligations associated with operatorship of the Properties are governed by the applicable agreement(s) and that operatorship of the Properties will be decided in accordance with the terms of said agreement(s). Within ten (10) Days after Closing, Seller shall send out notices, where applicable, advising working interest owners of the Properties it operates that it has transferred its interests in the Properties to Buyer. Within fifteen (15) Days after Closing, Buyer shall send out ballots, where applicable, associated with the selection of a successor operator of the Properties. Seller shall have no obligation under this Agreement or otherwise to send out notices balloting for the selection of a successor operator.
Subsequent Operations. 25 10.9 Wells Proposed Below Deepest Producible Reservoir ................................................26
Subsequent Operations. All Net Cash Flow, Net Proceeds and Federal Income Tax Items derived by and attributable to each Subsequent Operation shall be shared by or charged:
Subsequent Operations. All operations classified as such under an operating agreement, including, but not limited to, the drilling of an additional well, the reworking or recompletion of a well, the completion of a well in a different or additional zone, activities designed to increase production in a well, and activities designed to bring production to market, other than Special Projects. Subsequent Operations include the following activities and costs to the extent such are necessary for the specific Subsequent Operation: building pits and tank locations; location damages; rig costs, including day work costs and workover unit; mud, chemicals, and water; evaluation services such as case hole logging and perforating; well stimulation costs, including acidizing and fracturing; transportation; welding, labor, and miscellaneous services; engineering, geological services, overhead, and accounting associated with Subsequent Operations; well tubing, tubing anchor, wellhead equipment, packer and downhole flow controls, surface equipment, high low shutoff, storage tanks, tractor, cattle guard or gate, thread protectors, packer, separator, dehydrator, water tanks, and installation costs and other miscellaneous tangible or intangible costs associated with such activities.
Subsequent Operations. Except as provided in Sections 8.3.3 and 8.3.4, all Profits and Losses derived by and attributable to each Subsequent Operation shall be allocated 50% to TransCoastal and 50% to Core. Each Participating Venturer in such Subsequent Operation shall share Profits and Losses that are allocated to the Venturers pursuant to Section 8.3.2 in the proportion that such Participating Venturer's Additional Assessment Contributions bears to the Additional Assessment Contributions of all such Participating Venturers and in accordance with the provisions of Article II of this Agreement.
Subsequent Operations. (a) Shall be allocated 50% to TransCoastal and 50% to Core.
Subsequent Operations. Should Farmee drill the Initial Test Well, to total depth as defined in Article 2.1 herein, Farmee shall have the continuing right to drill or rework additional xxxxx on the Farmout Acreage as long as Farmee commences operations on the Farmout Acreage within a period of Sixty (60) days after completion of the previous well, should such well be a commercial producer, or within a period of Sixty (60) days of the plugging and abandonment of the previous well, should such well be drilled as a dry hole. "Operations" are herein defined as the penetration by the drill bit on the drilling rig to the surface of the earth and to continue such drilling operations as any reasonably prudent operator would drill under the same or similar circumstances. Should Farmee fail to drill such additional xxxxx on a timely basis, Farmor's right as to the balance of the Farmout Acreage shall expire, and Farmee shall earn rights from Farmor as to only those xxxxx drilled and capable of "Commercial Production", in the form of a 2 acre square around each such earned well(s). Should production cease or lapse on the Farmout Acreage, this Agreement shall terminate unless Farmee conduct drilling or reworking operations within a period of Sixty (60) consecutive days in a good faith effort to restore "Commercial Production", as defined in Section 3, of Oil and Gas substances in paying quantities on the Farmout Acreage. Each subsequent well drilled by Farmee on the Farmout Acreage shall be burdened with Farmee's overriding royalty interest as defined in Section 3 herein.
