XXXX CLAUSE. 16) This Lease shall expire upon the expiration of the Primary Term of this Lease as to any lands comprising the Leased Premises that are not included in one or more units. Lessee shall promptly, and no later than sixty (60) calendar days after the expiration of the Primary Term of this Lease, record with the county or counties in which the Leased Premises is located a partial release of the Lease as to such acreage released under this Xxxx clause. Such release shall contain a description (including a map) of the acreage and/or depths not retained, and a plat showing the designated pool(s) or unit(s).
XXXX CLAUSE. (a) As to any acreage of the Leased Premises which is not included within any production unit at the expiration of the Primary Term, including any extension of the Primary Term in accordance with Article II, Section 2 and/or Section 3 of this lease, this lease shall automatically terminate and be of no further force or effect as to any acreage not within such designated units.
XXXX CLAUSE. Subject Paragraph 24 below, drilling or reworking operations on or production of oil and/or gas from a pooled unit established under the provisions of Paragraph 5 of the Lease above shall maintain this Lease in effect only as to that portion of the leased premises (also referred to as said land in the Lease) which is included in such pooled unit. This Lease may be maintained in effect as to the remainder of the leased premises in accordance with the other provisions of this Lease; provided, however, that if such maintenance is by the payment of delay rentals during the primary term of this Lease, then the delay rentals shall be proportionately reduced and payable on a pro-rata acreage basis on only that portion of the leased premised not included in such pooled unit.
XXXX CLAUSE. 15.1 In the event of there being any delay in the registration of transfer caused by the PURCHASER, the PURCHASER agrees to pay interest on the total purchase price at 2% (Two Percent) above the prime overdraft rate charged by the Commercial Bank in South Africa from time to time calculated from the date the PURCHASER is notified in writing by the SELLER (or the SELLER’s agents) as being in xxxx, to the date upon which the PURCHASER has ceased to be in xxxx, both days inclusive.
XXXX CLAUSE. Notwithstanding anything to the contrary herein contained, Drilling Operations on or production from a pooled spacing unit or spacing units established under the provisions of Paragraph 5 hereof or otherwise embracing land covered hereby and other land shall maintain this Lease in force only as to acreage included in such spacing unit or spacing units.
XXXX CLAUSE. In the event a pooled unit is created which encompasses land located outside the Leasehold premises and less than Sixty (60%) Percent of the Leasehold premises, any drilling completing, testing, deepening operations or reworking operations on or production from a well located on that pooled unit shall continue this Lease in full force and effect but only as to that part of the Leasehold premises contained within the pooled unit and only as to those formations and horizons found from the surface down to the deepest depth drilled and produced; specifically, this lease shall automatically terminate five (5) years (“Extended Term”) after the expiration of the primary term or any extension provided herein as to such portions of leased premises not contained within a pooled unit and those formations and horizons below the deepest depth drilled. However, Lessee may, at its option, pay the extension payment included in this lease one time, and one time only, prior to the expiration of the five (5) year Extended Term on the portions of the Leasehold not included in a production unit or below the deepest depth drilled to continue all of its rights in and to the Leasehold or surrender such portions of the Leasehold not included in a production unit or those formations and horizons found below the deepest depth drilled.
XXXX CLAUSE. Notwithstanding any other Lease provision, this Lease terminates at the expiration of its Primary Term or the conclusion of continuous drilling operations except for each producing well, and the acreage allotted to such well or xxxxx for production units, located on the LEASED PREMISES or on lands pooled therewith in accordance with the terms of this Lease. AT THE EXPIRATION OF THE PRIMARY TERM OR THE CONCLUSION OF CONTINUOUS DRILLING OPERATIONS, THIS LEASE EXPIRES AS TO ALL RIGHTS ONE HUNDRED (100) FEET BELOW THE DEEPEST DEPTH DRILLED AND PRODUCED IN ANY WELL LOCATED ON THE LEASED PREMISES. Upon expiration of the Primary Term, in the event this Lease has been maintained in full force and effect and notwithstanding that there may be then oil and/or gas production from the LEASED PREMISES or property pooled therewith, TAMUS may demand and shall be entitled to receive from COMPANY an appropriate release in recordable form of all of COMPANY’s rights and estates in the LEASED PREMISES that are deeper than one hundred (100) feet below the deepest depth drilled and produced on the LEASED PREMISES or property pooled therewith. COMPANY agrees to execute and deliver to TAMUS for recording in the Real Property Records of the county or counties in which the LEASED PREMISES is located, all documents necessary to effect an appropriate release of this Lease as to such acreage, but if it fails to do so within thirty (30) days following written demand from TAMUS, then TAMUS shall have the right to execute and record such necessary documents. ADDITIONALLY, IF THIS LEASE HAS BEEN CONTINUOUSLY MAINTAINED IN FORCE AND EFFECT IN ACCORDANCE WITH ITS TERMS, ON THE TENTH (10th) ANNIVERSARY DATE OF THIS LEASE, IF COMPANY HAS NOT OBTAINED PRODUCTION IN PAYING QUANTITIES FROM ANY FORMATION OR FORMATIONS ABOVE THE PRODUCING FORMATION OR FORMATIONS OF ANY WELL AS INDICATED BY COMPANY IN ITS DESIGNATION OF EACH PRODUCTION UNIT, THIS LEASE EXPIRES AS TO ALL RIGHTS IN SUCH NON-PRODUCED FORMATION OR FORMATIONS.
XXXX CLAUSE. (Property)
XXXX CLAUSE. A lease clause (sometimes called a Freestone Rider in Texas) modifying the effect of most lease pooling clauses by severing pooled portions of the lease from unpooled portions of the lease so that drilling or production on a pooled portion will not maintain the lease as to unpooled portions. Pumping Unit Equipment used to pump oil to the surface when the pressure differential between the pressure in the formation and in the borehole is insufficient to cause oil to rise up the borehole to the surface. Sometimes called a pumpjack or horsehead. Pumpjack Another term for a pumping unit. Reasonable-Development Covenant The promise implied in oil and gas leases that, once a lessee obtains production, the lessee will continue to develop the premises as would a reasonably prudent operator rather than merely holding the lease by the production already obtained. See also Further- Exploration Covenant.
XXXX CLAUSE. As to any acreage of the Leased Premises which is not within a producing area in accordance with UDOGM rules and regulations, including, without limitation R649-3-2 and R649-3-3, or any XXXXX approved production or spacing unit, at the expiration of the primary term, this Lease will automatically terminate, expire, and be of no further force or effect insofar, and only insofar, as to any lands comprising the Leased Premises that are not within such producing area or included in one or more of the said SITLA approved pools or units (unless the lands are otherwise maintained by the provisions of this Lease). Upon request by Xxxxxx, Xxxxxx shall execute a release of this Lease as to such acreage released under this xxxx clause.
