After Payout definition

After Payout or “APO” means the Working Interest and/or Net Revenue Interest of a party after the point in time when the Well has recovered from production all costs as specified in the underlying farmout, assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or wells plus costs of operating the well or wells during the recoupment period.

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After Payout as used herein means that the figure next to which this abbreviation appears represents Mortgagor's net income interest after the point in time when the operator of the well or ▇▇▇▇▇ situated on the described property has recovered from production from that well or those ▇▇▇▇▇ all costs as specified in underlying farmout assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or ▇▇▇▇▇ plus costs of operating the well or ▇▇▇▇▇ during the recoupment period. The remainder of this page is intentionally left blank

After Payout or “APO” means the Working Interest and/or Net Revenue Interest of a party after the point in time when the Well has recovered from production all costs as specified in the underlying farmout, assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or ▇▇▇▇▇ plus costs of operating the well or ▇▇▇▇▇ during the recoupment period.

Examples of After Payout in a sentence

• After the Payout Date, El Paso shall deliver to Ramshorn, with each cash payment of After Payout Overriding Royalty Interest proceeds, a statement in such detail as is required by applicable laws or regulations governing payments of oil and gas royalties, and with such additional detail as Ramshorn may reasonably specify reflecting the computation of such payment.

• Ramshorn may transfer or assign any portion of its rights and obligations hereunder, the Net Overriding Royalty Interest and/or the After Payout Overriding Royalty Interest to any Affiliate of Ramshorn.

• If El Paso intends to sell its entire interest in a Subject Well in a transaction described in Section 5.3(a) after the date referred to therein, then El Paso shall have the option to purchase Ramshorn's Net Overriding Royalty Interest and After Payout Overriding Royalty Interest in the affected Subject Well by paying Ramshorn an amount in cash equal to (i) the Investment Percentage multiplied by (ii) the net sale proceeds attributable to such well.

• However, for the avoidance of doubt, Ramshorn shall be entitled to file a copy of the Memorandum of Purchase and Sale Agreement as a precautionary UCC non-standard financing statement to better evidence and perfect its interest in the Net Profits, Net Overriding Royalty Interest, the After Payout Overriding Royalty Interest, the Oil and Gas attributable thereto and the proceeds thereof.

• Ramshorn, upon notice in writing to El Paso, shall have the right to audit El Paso's accounts and records relating to the Net Profits Accounts, Payout Account and After Payout Overriding Royalty Interest for any calendar year within the twenty-four (24) month period following the end of such calendar year; provided, however, the making of an audit shall not extend the time for the taking of written exception to and the adjustments of accounts as provided for in Section 6.4 of this Agreement.

More Definitions of After Payout

After Payout means that period of time commencing after Payout occurs and continuing for the balance of the term of this Assignment.

After Payout or "APO" means the Working Interest or Net Revenue Interest of a party after the point in time when the Mortgaged Property has recovered from Production all costs as specified in the underlying farmout, assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or ▇▇▇▇▇ plus costs of operating the well or ▇▇▇▇▇ during the recoupment period. With respect to the descriptions of each of the Mortgaged Properties, if the description requires, such description may continue on several successive pages of each Part of Exhibits A-1 and A-2. Certain property descriptions are in abbreviated form as to Sections, Townships and Ranges. DRAFT RECORDING REQUESTED BY AND ) WHEN RECORDED RETURN TO: ) ▇▇▇▇▇ ▇▇▇▇▇▇ LLP ) ▇▇▇ ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, 50th Floor ) ▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ) Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇ ) Section 1.01 Defined Terms 2 Section 1.02 Definitions 2 Section 2.01 Grant of Liens 2 Section 2.02 Grant of Security Interest 4 Section 2.03 Indebtedness Secured 5

After Payout representation at the MANAGEMENT COMMITTEE shall reflect the participating interests such that 70% of the members are nominated by ATLAS and 30% by SOGW. To avoid fractions of members the membership of the MANAGEMENT COMMITTEE shall be increased to ten (10) such that ATLAS produces Seven (7) members while SOGW produces three (3) members. This is without prejudice to both Parties reviewing this provision so as to adopt the statusquo prior to payout.

After Payout or “APO” specifies the Net Revenue Interest and the Working Interest of Mortgagor after the occurrence of a particular event, such as payout of certain costs with respect to a Well or ▇▇▇▇▇, as described in a Lease, assignment or assignments thereof, or one or more of the agreements to which the affected property is subject as shown in this Exhibit A.

After Payout refer to the Mortgagor's Working Interest and the Mortgagor's Net Revenue Interest "before payout" and "after payout" as defined in the applicable joint operating agreement or other instrument affecting the well or unit as denoted in the Exhibit. Mortgagor's interest may decrease or increase as a result of a reversionary interest, an operation wherein Mortgagor has paid costs attributable to the interest of a non-consenting party or a con senting party has paid costs attributable to the interest of Mortgagor as a non-consenting party, and the consenting party is entitled to recover a percentage of its cost, or other circumstance which triggers an increase or decrease in such interest. Mortgagor makes no undertaking concerning the terms and conditions of the reversion or the status of payout, the costs that may be recovered, whether or when such recovery has occurred or will occur, or, in the case of an election, what election will be made. If more than one reversionary interest, non-consent operation or other circumstance affects a well or unit, "After Payout" refers to the occurrence of the reversion of the last of the reversionary interest, recoupment or such other circumstance. EXHIBIT A COVERING LANDS IN LAFOURCHE PARISH, STATE OF LOUISIANA

After Payout as used herein means that the figure next to which this abbreviation appears represents Mortgagor’s net income interest after the point in time when the operator of the well or w▇▇▇▇ situated on the described property has recovered from production from that well or those w▇▇▇▇ all costs (or if different than 100% of all costs then the percentages specified in the well schedules attached to the Mortgage) as specified in underlying farmout assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or w▇▇▇▇ plus costs of operating the well or w▇▇▇▇ during the recoupment period.

After Payout as used herein means the time after which Grantor has recovered from the proceeds of production from a well all costs of of preparing to drill, drilling, completing, equipping and operating such well.