Working Interests. If the initial well on the Block is successful, a Lessee (or the Operator) may conduct additional geological studies and may determine to drill additional developmental xxxxx. If a developmental well is to be drilled in the Block, each Lessee owning Working Interests in the Block must be offered the opportunity to participate in, and cover the costs of, such developmental well up to that particular Lessee's Working Interest ownership percentage. Generally, if the Lessee elects to not participate in the additional well, it will lose its rights to such additional well. The rights of such non-participating Lessee to participate in such additional well in the Block will then either be acquired by the remaining Lessees or sold to third parties. Such rights are called Non-Consent Interests because they arise as a result of an existing Working Interest owner's failure to "consent" to supply additional capital for drilling new xxxxx or other activities. Unlike a "Working Interest" owner, a "Non-Consent Interest" owner does not obtain title and ultimately the Non-Consent Interest reverts back to the original Working Interest owner when the participating parties in the well have received a penalty amount from the production attributable to the Non-Consent Interest. While the Manager intends to focus primarily on Working Interests, any Non-Consent Interest that the Fund will investigate or invest in will have significant potential for economic returns to Investors. Generally, the Working Interests in an offshore gas lease under the OCSLA are burdened by a 16.67% royalty payable to the federal government. Therefore, the net revenue interest of the holders of 100% of the Working Interest in the Projects in which the Fund will invest is approximately 83.33% of the total revenue of the Project and further reduced by any other royalties that apply to a lease block. However, as described below, the MMS has adopted royalty relief for existing OCS leases for those who drill deep gas xxxxx. MMS Deep Gas Royalty Incentive: Royalty Relief ----------------------------------------------- On January 26, 2004, the MMS promulgated new rules providing for incentives for companies to increase deep natural gas production in the Gulf of Mexico ("Royalty Relief Rule"). Under the Royalty Relief Rule, the MMS will suspend royalties otherwise applicable for a certain amount of natural gas production when companies take the risk of exploring and developing deep-gas xxxxx in shallow-water are...
Working Interests. The Fund’s Working Interests in the following projects (the “Projects”):
i. Xxxxxx Island 337: OCS-G 03332
ii. South Xxxxx Island 111: OCS-G 24874 iii. West Cameron 77: OCS-G 09387 iv. West Delta 67: OCS-G 27179
v. West Delta 68: OCS-G 27180
Working Interests. The working interests of the Parties in the title documents and the joint lands are as follows: Golden Eagle – [***] Xxxxx Oil – [***]
Working Interests. DRI's Working Interests in the Oil and Gas Properties is represented on Schedule 1.21.
Working Interests. 14 ARTICLE - V LEASES FOR PETROLEUM DEVELOPMENT AND PRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ARTICLE - VI ASSIGNMENT, SURRENDER OF AREAS AND TERMINATION OF AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Working Interests. The Badin-II Revised Working Interest of Government Holdings, Union Texas, Occidental and OGDC shall:
Working Interests. To the best of the New Century Group's knowledge, the New Century Group's working interests in the Xxxxx Assets are as set forth on Exhibit A.
Working Interests. Seller's Working Interests in the Oil and Gas Properties are represented on Schedule 1. 44.
Working Interests. The working interests of the Parties in the title documents and the joint lands are as follows: Golden Eagle - fifty (50.00%) percent Xxxxx Oil - fifty (50.00%) percent
Working Interests. The Fund’s Working Interests in the following projects (the “Projects”): i. East Cameron 299: OCS-G 5391
