Common use of Upon Ridgewood Clause in Contracts

Upon Ridgewood. s participation pursuant to the terms and conditions set forth herein and in the Farmout Agreement, and upon the Parties drilling an Earning Well (as defined in the Farmout Agreement) and satisfying the Earning Requirements defined and set out in the Farmout Agreement, the Parties who participated in the Earning Well, and the full satisfaction of the Earning Requirements, shall receive from Apache, an assignment of their respective Working Interest shares of the operating rights interest in the Apache Lease within the Contract Area, from the surface down to the base of the deepest productive interval in said well and its stratigraphic equivalent, plus one hundred (100) feet. In addition, Ridgewood shall be entitled to an assignment of fifty percent (50%) of the Record Title interest in the entirety of the Newfield Lease provided it participates in the drilling of the Initial Test Well or substitute(s) thereof to Contract Depth as defined in the Farmout Agreement.