Working Interest. The ownership of each PARTY in and to the LEASE as set forth in Exhibit "A".
Working Interest. The record title leasehold interest or, where applicable, the operating rights of each Party in and to each Lease (expressed as the percentage provided in Exhibit “A”). If a Party’s record title interest is different from its operating rights, the Working Interest of each Party is the interest provided in Exhibit “A.”
Working Interest. The interest held in geothermal resources or in lands containing the same by virtue of a lease, operating agreement, fee title, or otherwise, under which, except as otherwise provided in this Agreement, the owner of such interest is vested with the right to explore for, develop, produce and utilize such resources. The right delegated to the Unit Operator as such by this Agreement is not to be regarded as a Working Interest.
Working Interest. The cost bearing interest created by oil and gas leases. Working Interest may also refer to the share of ownership attributable to an unleased mineral interest.
Working Interest. The Restricted Companies own a “working interest” in each of the Mortgaged Properties which is not greater than the interest specified in the description of such property in the Collateral Documents, with the term “working interest”, as used herein, meaning the right to explore for, drill and produce oil, gas or other minerals, whether such right is created by lease or otherwise, and being equivalent to the proportionate part of the cost of exploration, development and marketing of oil, gas and other minerals borne by the Restricted Companies with respect to each respective property.
Working Interest. 61.7333% NET REVENUE INTEREST ................................................ 48.7693%
Working Interest. “Working Interest” means that interest which bears a share of all costs and expenses proportionate to the interest owned, associated with the exploration, development and operation of a Lease and the Xxxxx associated therewith, that the owner of a Lease is required to bear and pay by reason of such ownership, expressed as a decimal.
Working Interest. An ownership interest under a lease, or otherwise, covering a specific tract or tracts of land, the owner of which interest has the right to explore for oil, gas, and other minerals on or under such land and has the obligation to pay the cost of exploration, drilling, and operating the property or a part thereof. A Working Interest created by the execution of an oil and gas lease must bear all costs of operations and development of that lease, unlike a Person who owns a royalty interest or an overriding royalty interest.
Working Interest. 6 ARTICLE 3. EXHIBITS............................................................................................7 3.1 Exhibits ..........................................................................................7
Working Interest. Pinnacle's cost bearing interest (the "Working Interest"), if any, for each Exploratory Prospect shall be subject to the following terms:
(a) The interest shall be 45% proportionately reduced in the event CamWest's working interest in the Exploratory Prospect (on a property by property basis) is less than 100%, provided that if Pinnacle desires to participate for less than a 45% Working Interest, it may do so if it so notifies CamWest on or before the times set forth in Section 3.2; and
(b) Pinnacle shall contribute directly its pro rata share of all costs in developing the Exploratory Prospect including costs associated with land acquisition, drilling, completion, surface facilities, lease operations; provided, however, that Pinnacle shall -------- ------- not be required to contribute any seismic, geological, or geophysical costs or other costs described in Section 2.2(b).
