Examples of Acquired Project in a sentence
The Parties acknowledge that in any Acquired Project, Xxxxxxxxx shall remain available to assist Fellows through the Appraisal of the Initial Test Well thereon.
If Houston or a Third Party Purchaser is not participating in an Acquired Project and Fellows elects to acquire a minimum of fifty percent (50%) interest in an Acquired Project, then Fellows shall solely determine what leases are to be acquired within the AMI and the costs to be expended on said leases.
Further, during the term of the AMI or according to the terms of any applicable operating agreement, Xxxxxxxxx shall be supplied, as soon as is practicable, with copies of all tests, logs and drilling reports that are taken in any well drilled, or caused to be drilled, by Fellows within the AMI of any Acquired Project.
In the event Fellows rejects a Project (hereinafter referred to as “Rejected Project”) hereunder at any time prior to such Project becoming an Acquired Project (as hereinafter defined), then the Parties shall be under no further obligation or liability to each other with respect to such Rejected Project, and Xxxxxxxxx shall immediately be free to market such Project to a third party.
Nothing contained in this Article X shall preclude Fellows from directly marketing any interest it owns in an AMI for an Acquired Project at any time, to any party, on any terms; provided that, the results of any sale of a Non-Fellows Interest by Fellows shall not reduce Fellows’ obligation to pay the Project Fee owed to Xxxxxxxxx on any such Acquired Project, subject to the terms and conditions of Articles VIII and IX above.