AMI Acreage definition

AMI Acreage means a Lease or Interest acquired by either Participants or Burlington after the date of this Agreement.
View Source
AMI Acreage means all government sections within which Seller owns Leases at the time of the Closing, and all contiguous and cornering government sections thereto, but specifically excluding all of Sections 2 and 5 of Township 7 North, Range 60 West, 6th P.M. All acquisitions after the date hereof of leases within the AMI by the parties hereto shall be governed by the provisions of AMI Agreement. attached hereto as Appendix 5 and incorporated herein.
View Source
AMI Acreage has the meaning set forth in Section 5.1(b).
View Source

Examples of AMI Acreage in a sentence

  • Burlington shall have the option to acquire 50% of the AMI Acreage acquired by Participants in any such Lease or Interest, proportionately reduced to the Lease or Interest acquired, by paying their 50% share of the bonus costs associated with the acquisition of the AMI Acreage acquired.

  • Participants shall pay, within thirty (30) days from receipt of an invoice, 50% of the bonus monies paid for the acquisition of the AMI Acreage.

  • Failure by Burlington to respond within the above-specified 30-day period shall be deemed an election by Burlington not to acquire their proportionate part of the AMI Acreage described in the said notice.

  • It is agreed that if Participants elect to acquire an interest in any AMI Acreage so acquired by Burlington under this paragraph, said AMI Acreage will be owned 50% by Burlington and 50% by Participants.

  • In the event Participants should acquire any AMI Acreage covering land with in the AMI, Participants shall promptly notify Burlington in writing of the acquisition of such AMI Acreage.

  • Burlington shall pay, within thirty (30) days from receipt of an invoice, 50% of the bonus monies paid for the acquisition of the AMI Acreage.

  • Failure by Participants to respond within the above-specified 30-day period shall be deemed an election by Participants not to acquire their proportionate part of the AMI Acreage described in the said notice.

  • If any AMI Acreage is acquired through a farmout agreement, exploration agreement or any other agreement that requires a well to be drilled in order to earn a Lease or Interest in the particular AMI Acreage, then any party who elects not to participate in the first well drilled under such agreement will forfeit any and all rights to earn any AMI Acreage acquired under such farmout or exploration agreement.

  • Participants shall have the option to acquire 50% of the AMI Acreage acquired by Burlington in any such Lease or Interest, proportionately reduced to the Lease or Interest acquired, by paying their 50% share of the bonus costs associated with the acquisition of the AMI Acreage acquired.

  • Should Participants elect to acquire its interest, such AMI Acreage shall be assigned free of any Subsequently Created Burdens or any reservations or exceptions in excess of the Lease Burdens provided for in the Lease or burdening such Interest on the date such were acquired by Burlington.

Related to AMI Acreage

  • Acreage means the number of acres of land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the Board may rely on the land area shown on the applicable final map, parcel map, condominium plan, or other recorded County parcel map.

  • Undeveloped Land means raw land that has not been filled to grade or been permitted for development.

  • Subject Interests means Assignor’s undivided interests in the Subject Lands as described on Exhibit A, whether as lessee under leases, as an owner of the Subject Minerals (or the right to extract such Minerals) or otherwise, by virtue of which undivided interests Assignor has the right to conduct exploration, drilling, development and Mineral production operations on the Subject Lands, or to cause such operations to be conducted, or to participate in such operations by paying and bearing all or any part of the costs, risks and liabilities of such operations, to drill, test, complete, equip, operate and produce ▇▇▇▇▇ to exploit the Minerals. The “Subject Interests” (a) may be owned by Assignor pursuant to leases, deeds, operating, pooling or unitization agreements, orders or any other instruments, agreements or documents, recorded or unrecorded, (b) include any and all extensions or renewals of leases covering the Subject Lands (or any portion thereof) obtained by Assignor, or any Affiliate thereof, within six (6) months after the expiration or termination of any such lease, and (c) are subject to the Permitted Encumbrances. For the avoidance of doubt, the “Subject Interests” do not include: (i) Assignor’s interests in the Excluded Assets; (ii) Assignor’s rights to substances other than Minerals; (iii) Assignor’s rights to Minerals (other than Assignee Minerals) under contracts for the purchase, sale, transportation, storage, processing or other handling or disposition of Minerals; (iv) Assignor’s interests in, or rights to Minerals (other than Assignee Minerals) held in pipelines, gathering systems, storage facilities, processing facilities or other equipment or facilities; or (v) any additional or enlarged interests in the ▇▇▇▇▇, Subject Lands or Subject Minerals acquired by Assignor after the Closing Time, except (1) as may result from the operation of the terms of the instruments creating the Subject Interests, or (2) as may be reflected in extensions and renewals covered by the preceding sentence.

  • Lands means the purchase of real property or interest in real property.

  • Water well means an excavation that is drilled, cored, bored, augered, washed, driven, dug, jetted, or otherwise constructed for the purpose of exploring for groundwater, monitoring groundwater, utilizing the geothermal properties of the ground, or extracting water from or injecting water into the aquifer. “Water well” does not include an open ditch or drain tiles or an excavation made for obtaining or prospecting for oil, natural gas, minerals, or products mined or quarried.