Farmout and Royalty Procedure definition

Farmout and Royalty Procedure means the 1997 CAPL Farmout and Royalty Procedure with insertions as set forth in Schedule “B”;
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Farmout and Royalty Procedure means the form of the 1997 CAPL Farmout and Royalty Procedure completed as to the schedule of elections, rates and modifications thereunder which is attached hereto as Schedule “B”
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Examples of Farmout and Royalty Procedure in a sentence

  • The 1997 CAPL Farmout and Royalty Procedure, 1990 CAPL Operating Procedure, and 1988 PASC Accounting Procedure (the “Accounting Procedure”) are incorporated in and are deemed to form a part of this Agreement, and shall be read with the elections and modifications thereto made by Schedules “C”, “D” and “E”, respectively.

  • Clause 9.03(b) of the Farmout and Royalty Procedure will be amended by deleting the remainder of the said Clause 9.03(b) after the word “Article”.

  • Provided the Farmee has advanced the Development Funds and otherwise completed its obligations under paragraph 2 hereof, the Farmee shall, subject to Article 3.00 of the Farmout and Royalty Procedure, have earned 66.67% (the "Earned Interest") of the Farmor's working interest in the Farmin Lands.

  • Provided the Farmee is not in default of its obligations hereunder and has drilled the Test Well to Contract Depth in accordance with the provisions of this Agreement and subject *** ***Page 6to Article 3.00 of the Farmout and Royalty Procedure, the Farmee will earn an undivided 100% Working Interest in the Farmout Lands subject to the reservation unto Farmor of the Farmor’s Overriding Royalty to be paid by Farmee on Farmor’s pre-farmout 100% Working Interest in the Test Well and the Farmout Lands.

  • By fulfilling the requirements enumerated in Clause 3 of this Agreement, and subject to the provisions of Clause 3.03 of the Farmout and Royalty Procedure, Farmee will earn an undivided 50% of Farmor’s Interest in the Farmout Lands.

  • The operations and this agreement shall be governed by the Farmout and Royalty Procedure, the Operating Procedure and the Accounting Procedure, subject to the elections herein incorporated and this head agreement.

  • Provided the Farmee has advanced the Development Funds and otherwise completed its obligations under paragraph 2 hereof, the Farmee shall, subject to Article 3.00 of the Farmout and Royalty Procedure, have earned 66.67% (the “Earned Interest”) of the Farmor’s working interest in the Farmin Lands.

  • The 1997 CAPL Farmout and Royalty Procedure, 1990 CAPL Operating Procedure, and 1988 PASC Accounting Procedure (the "Accounting Procedure") are incorporated in and are deemed to form a part of this Agreement, and shall be read with the elections and modifications thereto made by Schedules "C", "D" and "E", respectively.

  • The Test Well will de drilled to Contract Depth and abandoned or completed in accordance with the provisions of Article 3.00 of the Farmout and Royalty Procedure.

  • Subject to Article 3.00 of the Farmout and Royalty Procedure, the Farmee shall earn 85% of the Farmor's working interest in all rights in the Farmout Lands, subject to a before payout overriding royalty of twelve percent (12%) on 85% of all proceeds therefrom, convertible to 40% of the Farmee's participating interest in the Earning Well spacing unit, and, in the balance of the Farmout Lands, 60% of the Farmor's 85% interest.

Related to Farmout and Royalty Procedure

  • Overriding Royalty Interest means an interest in the oil and gas produced pursuant to a specified oil and gas lease or leases, or the proceeds from the sale thereof, carved out of the working interest, to be received free and clear of all costs of development, operation, or maintenance.

  • Royalty Agreement means the amended royalty agreement between the Partnership, Vermilion, 1209963 Alberta Ltd. and the Trust dated January 22, 2003 providing for the creation of the Royalty;

  • CREFC® Intellectual Property Royalty License Fee With respect to each Mortgage Loan (including any REO Mortgage Loan) and for any Distribution Date, the amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on, in the case of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the related Interest Accrual Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be payable from the Lower-Tier REMIC.

  • Third Party Royalties means royalties or payments actually paid by the Company or its Affiliates to an unaffiliated third party for the right to use or exploit technology, products or proprietary rights of such third party to create or sell Licensed Product/s, which third party’s rights would otherwise be infringed or violated.

  • Farmout means an agreement by the owner of the leasehold or Working Interest to assign his interest in certain acreage or well to the assignees, retaining some interest such as an Overriding Royalty Interest, an oil and gas payment, offset acreage or other type of interest, subject to the drilling of one or more specific xxxxx or other performance as a condition of the assignment.

  • Royalty Report has the meaning set forth in Section 6.3(a).

  • Sublicense Fees shall have the meaning set forth in Section 7.3 below.

  • Commercial Production means the operation of the Property or any portion thereof as a producing mine and the production of mineral products therefrom (excluding bulk sampling, pilot plant or test operations);

  • Mineral Products means the commercial end products derived from operating the Property as a mine:

  • CREFC® Intellectual Property Royalty License Fee Rate With respect to each Mortgage Loan, a rate equal to 0.0005% per annum.

  • Mining Xxx 0000 means (unless the context otherwise requires) the Mining Xxx 0000 and the amendments thereto and the regulations made thereunder as in force on 31st December, 1981;

  • Exploration Well means a well that is not a development well, a service well or a stratigraphic test well.

  • Development Report means a written account of Licensee’s progress under the Development Plan having at least the information specified on Appendix B to this Agreement, and shall be sent to the address specified on Appendix B.

  • Project Specific IPRs means: (a) IPRs in the Services provided by the Supplier (or by a third party on behalf of the Supplier) specifically for the purposes of the Contract and all updates and amendments of these items created during the Contract Period; and/or (b) IPRs arising as a result of the provision of the Services by the Supplier (or by a third party on behalf of the Supplier) under the Contract, [including the rights in or to any database developed and supplied by the Supplier to the Customer in accordance with the terms of this Contract;

  • Royalty Payments has the meaning set forth in Section 7.3.1.

  • Single-state license means a nurse license issued by a party state that authorizes practice only within the issuing state and does not include a multistate licensure privilege to practice in any other party state.

  • JOA means the joint operating agreement currently in force in respect of operations pursuant to a Licence and identified as such in Schedule 1;

  • Project IPR means all Intellectual Property Rights that arise or are obtained or developed by either party, or by a contractor on behalf of either party, in respect of the Deliverables in the course of or in connection with the Project;

  • petroleum agreement means an agreement for the purpose of petroleum activities entered into by Government and another person in accordance with this Act;

  • Net Smelter Returns means the gross proceeds received by the Purchaser in any year from the sale of Product from the mining operation on the Property, less successively: (i) the cost of transportation of such Product to a smelter or other place of treatment, and (ii) smelter and treatment charges;

  • Royalties means all royalties, fees, expense reimbursement and other amounts payable by a Loan Party under a License.

  • License Type means the identification of whether the license for a Software Product is for a Perpetual Term or Subscription Term as specified in the Quote.

  • Royalty means an interest in an oil and gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof), but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage.

  • Oil and Gas Leases means all leases, subleases, licenses or other occupancy or similar agreements (including any series of related leases with the same lessor) under which a Person leases, subleases or licenses or otherwise acquires or obtains rights to produce Hydrocarbons from real property interests.

  • Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.

  • Project area plan means a written plan that, after its effective date, guides and controls the development within a project area.