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 metes and bounds 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. 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. Notwithstanding any other Lease provision, this Lease automatically terminates at the expiration of the Primary Term or the conclusion of continuous drilling operations except for each producing well, and the acreage allotted to such well or xxxxx for proration units, on the LEASED PREMISES or on land pooled therewith under this Lease. AT THE EXPIRATION OF THE PRIMARY TERM OR THE CONCLUSION OF CONTINUOUS DRILLING OPERATIONS, THIS LEASE AUTOMATICALLY EXPIRES AS TO ALL RIGHTS BELOW THE DEEPEST PRODUCING WELL LOCATED ON THE LEASED PREMISES OR ON LAND POOLED THEREWITH. COMPANY MAY USE ONE HUNDRED (100) FEET BELOW THE DEEPEST PRODUCING DEPTH FOR MECHANICAL PURPOSES BUT NOT FOR COMPLETION OR PRODUCTION THEREFROM. Upon expiration of the Primary Term, if this Lease has been maintained in full force and effect and notwithstanding there may then be oil and/or gas production from the LEASED PREMISES or land pooled therewith, TAMUS shall be entitled to receive from COMPANY and COMPANY shall provide an appropriate release in recordable form of all of COMPANY’s rights and estates in the LEASED PREMISES below the depth of the deepest well drilled and produced in paying quantities on the LEASED PREMISES or on land pooled therewith. COMPANY shall 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 to effect a release of this Lease on such acreage, but if it fails to do so within thirty (30) days following written demand from TAMUS, then TAMUS may execute and record such necessary documents. IF THIS LEASE HAS BEEN CONTINUOUSLY MAINTAINED IN FORCE AND EFFECT IN ACCORDANCE WITH ITS TERMS AND 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 PRORATION UNIT, THEN THIS LEASE AUTOMATICALLY EXPIRES AS TO ALL RIGHTS IN SUCH NON-PRODUCED FORMATION OR FORMATIONS ON THE FIFTH (5th) ANNIVERSARY DATE OF THIS LEASE.
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. 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 two (2) 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 two (2) 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. In the event a portion or portions of said leased premises is pooled or unitized with other land so as to form a pooled unit or units, operations on, completion of a well upon, or production from such unit or units will not maintain this lease in force as to the leased premises not included in such unit or units. The lease may be maintained in force as to any of the leased premises and not included in such pooled unit or units in any manner provided for herein. In the event the leased premises is not pooled or unitized with other lands to form a pooled unit this lease shall terminate as to all other acreage except that included in a production unit (as hereinafter defined), unless continuous operations are being conducted as provided for herein. For the purposes herein, 40 acres plus a J0% tolerance thereof will be deemed to be a "production unit" for an oil well and 640 acres plus a 10% tolerance thereof will be deemed to be a "production unit" for a gas well or a horizontal completion. Provided that additional acreage can be assigned to a "production unit" for an oil well, gas well or horizontal completion to conform to any spacing or density pattern prescribed or permitted by governmental authority having jurisdiction to do so. The Lessee shall designate the production unit for such well no later t_han 90 days after the completion of the well. The terms oil well, gas well, and horizontal completion shall be defined in accordance with the Rules and Regulations of the Railroad Commission of Texas or other governmental authority having jurisdiction.
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. Notwithstanding anything to the contrary herein, it is agreed that should Lessee exercise its option to pool or combine any portion of the Leasehold with other lands, lease or leases, operations and production on and in any Unit shall continue this Lease in force and effect after the expiration of the Primary Term or any extension thereof, as to that portion of the Leasehold included in such Unit, but not as to such portion of the Leasehold that are not included in any such Unit, provided however, that if ninety (90) days before or after the expiration of the Primary Term, Lessee is conducting operations (as defined in the paragraph entitled “Secondary Term”) on any portion of the Leasehold, or lands pooled or unitized therewith, the Lease, as to the entire Leasehold, shall be maintained in force so long as Lessee continues to conduct operations in a diligent manner, with no more than ninety (90) days between the completion of one well and the commencement of the next. In the absence of a Unit, each operation on the Leasehold shall maintain this Lease beyond the Primary Term only as to: i) 60 acres for each vertical well; and/or ii) 640 acres for each horizontal well, provided however, that a horizontal well with a horizontal component longer than 5,000 feet may maintain more than 640 acres as determined by this formula: A = [((L-5000) X 0.064) + 640], where A = Unit size in acres, and L = the horizontal length of the wellbore in feet. No such calculation shall be made unless L is at least 5,150 feet. That portion of the Leasehold associated with each such well shall be as nearly as practicable in the form of a square or rectangle and shall be designated by Lessee in writing prior to the expiration of the Primary Term. This Lease may be kept in force and effect as to the remainder of the Leasehold in any manner elsewhere provided for in this Lease not inconsistent with this paragraph. Notwithstanding anything in this paragraph, if at any time after the expiration of the Primary Term, Lessee is prevented from conducting drilling or completion operations on the Leasehold due to the limitations set forth in the paragraph entitled Seasonal Activities, this Lease, as to the entire Leasehold, shall be maintained in force until the date that is ninety (90) days after September 15th of that year, and so long thereafter as Lessee continues to conduct operations in a diligent manner, with no more than ninety (90) days between the completion of one well and the comme...
