Well May Be Abandoned For Account Of Farmee Sample Clauses

Well May Be Abandoned For Account Of Farmee. A. If the Farmor takes over a well pursuant to this Article, the Farmor will Complete or commence to Abandon the well within 6 months of the Farmor's election to take over that well, provided that this period will be extended to 12 months if the Farmout Lands are in a winter access only area. If the Farmor commences to Abandon the well within the applicable period, the Farmor will Abandon that well for the account of the Farmee, provided that the Farmee will not be responsible for any extra costs of Abandonment resulting from the Farmor's takeover of that well. The Farmor will calculate the Abandonment costs for which the Farmee is responsible under this Clause and the net salvage value of the material and equipment the Farmee had installed respecting that well. The Farmor will provide the Farmee with a statement showing the calculation of the proposed adjustment of accounts in reasonable detail. The Party owing an amount will pay that amount to the other Party within 30 days of the receipt of that statement. However, the amount of the adjustment will be determined pursuant to Clause 15.01 if the Parties are unable to agree on the amount of the adjustment, and the resultant payor will pay the payee the amount so determined within 30 days of that determination. B. If the Farmor does not Complete or commence to Abandon the well within the period in Subclause A of this Clause, the Farmee will calculate the amount of the estimated net salvage value of the material and equipment assigned to the Farmor. The Farmor will pay that amount within 30 days of receiving an invoice for same. If the Parties are unable to agree on that value estimate, the applicable value will be determined under Clause 15.01, and the resultant payor will pay the payee the amount so determined within 30 days of that determination. The Farmee will cease to be responsible for Abandonment costs if the Farmor so retains the well.
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