The Market Price. The "Value" of the portion of the Warrant being converted shall equal the remainder derived from subtracting (a) the Exercise Price multiplied by the number of shares of Common Stock being converted from (b) the Market Price of the Common Stock multiplied by the number of shares of Common Stock being converted. As used herein, the term "Market Price" at any date shall be deemed to be the last reported sale price of the Common Stock on such date, or, in case no such reported sale takes place on such day, the average of the last reported sale prices for the immediately preceding three trading days, in either case as officially reported by the principal securities exchange on which the Common Stock is listed or admitted to trading, or, if the Common Stock is not listed or admitted to trading on any national securities exchange or if any such exchange on which the Common Stock is listed is not its principal trading market, the last reported sale price as furnished by the National Association of Securities Dealers, Inc. ("NASD") through the Nasdaq National Market or SmallCap Market, or, if applicable, the OTC Bulletin Board, or if the Common Stock is not listed or admitted to trading on any of the foregoing markets, or similar organization, as determined in good faith by resolution of the Board of Directors of the Company, based on the best information available to it.
The Market Price applicable to Crude Oil lifted during a Calendar Quarter shall be calculated at the end of said Calendar Quarter and shall be equal to the weighted average sales price of Crude Oil from the Delimited Region obtained during said Calendar Quarter by the Contractor and the Government from independent buyers, adjusted to reflect the differences in quality and density as well as the F.O.B. delivery terms and payment terms, provided that the quantities sold in this manner to independent buyers during the Calendar Quarter in question represent at least thirty percent (30%) of the total quantities of Crude Oil from the Delimited Region sold during said Calendar Quarter.
The Market Price for Crude Oil shall be determined each Quarter for each of the Parties, as follows:
The Market Price applicable to all liftings of Crude Oil during a Quarter shall be calculated at the end of that Quarter and shall be equal to the weighted average of prices obtained by the Parties comprising the Contractor for Crude Oil sold to or purchased from third parties on an arm’s length basis during that Quarter, further adjusted as necessary to reflect differentials in quality, gravity, quantity, delivery conditions and terms of payment; provided that, the quantities sold to or purchased from third parties during that Quarter constitute at least fifteen percent (15%) of the total quantities of Crude Oil won and saved from all the Fields under this Contract and sold or purchased during such Quarter.
The Market Price of Crude Oil shall be established:
The Market Price. The "Value" of the portion of the Warrant being converted shall equal the remainder derived from subtracting (a) the Exercise Price multiplied by the number of shares of Common Stock underlying the portion of the Warrant being converted from (b) the Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the portion of the Warrant being converted. As used herein, the term "Market Price" at any date shall be deemed to be the last reported sale price of the Common Stock on the trading day immediately preceding such date, or, in case no such reported sale takes place on the immediately preceding trading day, the average of the last reported sale prices for the immediately preceding three trading days, in either case as officially reported by the principal securities exchange on which the Common Stock is listed or admitted to trading, or, if the Common Stock is not listed or admitted to trading on any national securities exchange or if any such exchange on which the Common Stock is listed is not its principal trading market, the last reported sale price as furnished by the National Association of Securities Dealers, Inc. ("NASD") through the Nasdaq National Market or SmallCap Market, or, if applicable, the OTC Bulletin Board, or if the Common Stock is not listed or admitted to trading on any of the foregoing markets, or similar organization, as determined in good faith by resolution of the Board of Directors of the Company, based on the best information available to it.
The Market Price applicable to all Crude Oil liftings sold to a Contractor's Affiliate after a quoted price has been established for one Quarter will be calculated by adding the average of the high and low Dated Xxxxx quotes according to publication in five (5) consecutive editions of the Platts Bulletin of the crude oil market (including all corrections) after the date of the shipment's bill of lading to the average differential between Crude Oil sold and Dated Xxxxx quotes that are published in the Argus Crude Report for the period beginning the fifteenth (15th) day and ending the last day of the Month of the cargo's marketing (inclusive). This is expressed in the following formula: Price = A + B, where: A = average of the high and low Dated Xxxxx quotes, according to publication in five (5) consecutive editions of the Platts Bulletin of the crude oil market (including all corrections) after the date of the bill of lading. B = average differential between the quality of Crude Oil sold and Dated Xxxxx quotes published in the Argus Crude Report for the period beginning the fifteenth (15th) day and ending the last day of the Month of the cargo's marketing (inclusive). If the qualities of Crude Oil produced from the Field do not correspond, within tolerable limits, a 'C' adjustment will be created that takes into account the differences associated with those qualities that do not coincide with A and B. In this case, the Market Price formula will be amended as follows: Price = A + B + C If the Crude Oil used to calculate the Market Price is no longer quoted, the Ministry and the Contractor will agree on which Crude Oil is closest to the Crude Oil that is no longer quoted, in order to calculate the Market Price.
The Market Price for Crude Oil delivered by Licensee hereunder shall be established with respect to each lifting as follows:
The Market Price applicable to Crude Petroleum lifted in the course of a Quarter shall be calculated at the end of each Quarter under consideration, and shall be equal to the weighted average of prevailing prices obtained by the Contractor and the State in the course of their sale of Crude Petroleum to Third Parties in the course of the Quarter under consideration, adjusted as appropriate to reflect differentials in quality and density, and on the terms of F.O.B. delivery and payment terms provided the quantity sold in such manner to Third Parties in the course of the Quarter under consideration corresponds to no less than thirty percent (30%) of the total of the volumes of Crude Petroleum extracted from the Exploitation Perimeters existing under this Contract, taken as a whole, and sold in the course of the said Quarter.
The Market Price applicable to the lifting of Crude Oil during a Quarter shall be calculated at the end of the relevant Quarter and shall be equal to the weighted average of the prices obtained by the Participants and OMNIS on Crude Oil sales to independent buyers during the relevant Quarter, adjusted to reflect differences in quality and density as well as FOB delivery terms and conditions of payment, provided that the quantities so sold to independent buyers during the relevant Quarter represent at least thirty percent (30%) of the total quantities of Crude Oil in the Exploitation Area granted under this Contract, sold during the said Quarter.
