Examples of Drilling and Operating Agreement in a sentence
The Managing General Partner is specifically authorized to delegate any or all of its duties to the Operator by executing the Drilling and Operating Agreement.
The Managing General Partner and its Affiliates shall receive compensation as set forth in the Drilling and Operating Agreement.
The Managing General Partner shall not be liable to the Partnership or to the other parties for any mistakes of judgment; nor shall the Managing General Partner be deemed to be making any warranties or representations, express or implied, as to the validity or merchantability of the title to the Leases assigned to the Partnership or the extent of the interest covered thereby except as otherwise provided in the Drilling and Operating Agreement.
Advance payments by the Partnership to the Managing General Partner and its Affiliates are prohibited except when advance payments are required to secure the tax benefits of prepaid Intangible Drilling Costs for a business purpose as set forth in the Drilling and Operating Agreement.
All Partnership Xxxxx shall be drilled under the Drilling and Operating Agreement on a Cost plus 15% basis.
A Participant shall receive interest on the amount he pays from the time his subscription proceeds are deposited in the escrow account, or a Partnership account after the minimum number of Units has been received as provided in §3.06(b), until his subscription proceeds are paid by the Partnership to the Managing General Partner under the Drilling and Operating Agreement for use in the Partnership’s drilling activities.
Formal training has an identifiable start and end with determinable hours for workers and budget but informal training is elusive because workers learn from watching others within unstructured settings and for most workers the training never ends (Brown, 1989).
The Managing General Partner shall not be liable to the Partnership the Participants or any other parties for any mistakes of judgment; nor shall the Managing General Partner be deemed to be making any warranties or representations, express or implied, as to the validity or merchantability of the title to the Leases assigned to the Partnership or the extent of the interest covered thereby except as otherwise provided in the Drilling and Operating Agreement.
Transporter and Operator have agreed that, subject to the terms and conditions hereinafter set forth, Operator shall have the right to have natural gas (including other gaseous hydrocarbons) produced from the Xxxxx (as such term is defined in the Drilling and Operating Agreement) drilled on the property subject to the Leases compressed and transported through the Coalfield Pipeline, as it may be expanded pursuant hereto or otherwise.
In exchange for the turnkey price, Mid-East Oil Company will provide one oil and/or gas well complete to the pipeline in accordance with the terms of this Drilling and Operating Agreement.