Working Interests. The Fund’s Working Interests in the following projects (the “Projects”):
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.
Working Interests. The Fund’s Working Interests in the following projects (the “Projects”): i. East Cameron 299: OCS-G 5391
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. Schedule 1 sets forth a complete list of App Energy’s Working Interests in the Twin Bottoms Project. App Energy does not own, either directly or indirectly, any Working Interests other than the Working Interests listed on Schedule 1. As of the Effective Date: (i) App Energy has good and Defensible Title to all of its Working Interests listed on Schedule 1, and (ii) App Energy has the requisite power and authority to transfer the full legal and beneficial interests in such Working Interests to Buyer pursuant to the terms of this Agreement and the Transaction Documents. On the Effective Date, good and valid title to the Working Interests listed on Schedule 1 shall pass to Buyer, free and clear of any Liens, actions, options, charges and restrictions of any kind, other than Permitted Encumbrances.
Working Interests. Schedule 2 sets forth a complete list of Daybreak’s Working Interests in the Twin Bottoms Project. Daybreak does not own, either directly or indirectly, any Working Interests other than the Working Interests listed on Schedule 2. As of the Effective Date: (i) Daybreak has good and Defensible Title (as defined below) to all of its Working Interests set forth on Schedule 2, and (ii) Daybreak has the requisite power and authority to transfer the full legal and beneficial interests in such Working Interests to Buyer pursuant to the terms of this Agreement and the Transaction Documents. On the Effective Date, good and valid title to the Working Interests listed on Schedule 2 shall pass to Buyer, free and clear of any Liens, actions, options, charges and restrictions of any kind, other than Permitted Encumbrances.
Working Interests. Seller's Working Interests in the Oil and Gas Properties are represented on Schedule 1. 44.
Working Interests. DRI's Working Interests in the Oil and Gas Properties is represented on Schedule 1.21.
Working Interests. Prior to the possible earning of or acquisition of an additional working interest by Nexgen pursuant to the provisions of either or both of clauses 4. and 5. hereof, the initial working interests of the parties in the title documents, the joint lands, listed xxxxx, the petroleum substances and in the operations to be carried out pursuant to this Agreement are as follows:
Working Interests. The Working Interests of AREC and CMS, in the Oil and Gas Properties is represented on Schedule 1.32.
