Termination of Deep Rights Sample Clauses

Termination of Deep Rights. (1) The Lessor may terminate this Lease on the second Anniversary Date beyond the end of the Primary Term (or, if Acceptable Lease Operations on the Leased Premises or on lands pooled or unitized therewith are ongoing within ninety (90) days before such second Anniversary Date, then upon the lapse of all such Acceptable Lease Operations for more than ninety (90) days) as to the depths lying below the stratigraphic equivalent of one hundred feet (100’) below the base of the deepest stratigraphic formation that at such time is either producing or capable of production and is encountered by a well located on the Leased Premises or on lands pooled or unitized therewith; or a deeper depth agreed to by the Lessor (“Deep Rights Acreage”). Prior to exercising its right to terminate this Lease as to the Deep Rights Acreage, Lessor shall send written notice of its intentions to exercise said right to the Lessee on or before the first Anniversary Date beyond the end of the Primary Term.
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Related to Termination of Deep Rights

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