Farmout & Royalty Procedure definition

Farmout & Royalty Procedure means the 1997 CAPL Farmout & Royalty Procedure incorporated by reference herein, subject to the elections and amendments set forth on Schedule ''8" attached hereto;
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Farmout & Royalty Procedure means the Head Agreement. The following clauses are not incorporated as a conflicts clause and superseding clause are provided for in the clauses entitled “Supersedes Previous Agreements” and “Conflicts” of the Head Agreement”: 107 (Conflicts) 2801 (Supersedes Previous Agreements).
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Farmout & Royalty Procedure means the 1997 CAPL Farmout & Royalty Procedure which is by this reference adopted and entirely incorporated into and completed or amended by this Agreement.
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Examples of Farmout & Royalty Procedure in a sentence

  • All operations as between Olympia and Participant during the interest earning phase of the Farmin Agreement and all subsequent joint operations shall be governed by the terms of this Agreement, the Farmin Agreement, and the Farmout & Royalty Procedure attached thereto.

  • All operations as between Nation and Netco during the interest earning phase and all subsequent joint operations shall be governed by the terms of this Agreement, the Participation Agreement, and the Farmout & Royalty Procedure attached thereto.

  • Subject to Article 3.00 of the Farmout & Royalty Procedure and Clause 4 herein and provided Farmee is not in default under this Agreement, Farmee will earn 100% of the Farmor’s Pre-Farmout Working Interests in four (4) sections of the Farmout Lands from surface to base of the deepest formation fully penetrated and evaluated, subject to the Overriding Royalty reserved by Farmor under the Farmout & Royalty Procedure.

  • Schedule “A” describes the Farmout Lands, Option Lands, Title Documents, Encumbrances and Pre-Farmout Working Interests; Schedule “B” is the 1997 CAPL Farmout & Royalty Procedure and the 1997 CAPL Farmout & Royalty Procedure election and amendment sheet; Schedule “C” is the Operating Procedure; Schedule “D” is the Well Requirement Sheet; Schedule “E” is the Trust Agreement.

  • The following Schedules are attached hereto and are incorporated into this Agreement: Schedule "A" which sets forth the Farmout Lands, the Title Documents, the Pre-Farmout Working Interest and the Encumbrances; Schedule "B" which sets forth the rates, elections and modifications to the Farmout & Royalty Procedure; Schedule "C" which sets forth the Mutual Interest Lands; Schedule "D" which sets forth Fannor's well data requirement sheet as referred to in Article 9.00 of the Farmout & Royalty Procedure.

  • Subject to Clause 3.00 of the Farmout & Royalty Procedure, Farmee will earn 100% of Farmor's interest (an undivided 10% interest in the Drilling Spacing Unit) Before Payout (BPO), reverting to 50% of Farmor's interest (an undivided 5% interest) After Payout (APO).

  • Article 8.00 of the Farmout & Royalty Procedure will be in effect for the Mutual Interest Lands from the Effective Date until the end of one year after the drilling rig release date of the last of the Test Xxxxx.

  • Chevron will conduct any operation described in the preceding Subclause as Lightning's agent and any such operation will be deemed to be conducted by Lightning for the purposes of the Farmout & Royalty Procedure.

  • For clarity, the provisions of Article 8.00 of the Farmout & Royalty Procedure will not be in effect during the period prior to Farmee’s election to participate in the Part II Lands Test Well.

  • Except as disclosed in the Company’s Form 10-K Annual Report for the year ended September 30, 2019, the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls.


More Definitions of Farmout & Royalty Procedure

Farmout & Royalty Procedure means this Schedule.
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Farmout & Royalty Procedure means the standard form 1997 CAPL Farrnout & Royalty
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Related to Farmout & 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.

  • Development Well means a well drilled inside the established limits of an oil or gas reservoir, or in close proximity to the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive.

  • 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.

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

  • Interconnection Feasibility Study means either a Generation Interconnection Feasibility Study or Transmission Interconnection Feasibility Study.

  • Expedited Deliverability Study means a deliverability study that an eligible Developer may elect to pursue as that term is defined in OATT Section 25 (OATT Attachment S) that may determine the extent to which an existing or proposed facility satisfies the NYISO Deliverability Interconnection Standard at its requested CRIS level without the need for System Deliverability Upgrades. The schedule and scope of the study is defined in Sections 25.5.9.2.1 and 25.7.1.2 of this Attachment S.

  • 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;

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

  • 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.

  • 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.

  • 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;

  • Net Smelter Return means the aggregate proceeds received by the Optionee from time to time from any smelter or other purchaser from the sale of any ores, concentrates, metals or any other material of commercial value produced by and from the Property after deducting from such proceeds the following charges only to the extent that they are not deducted by the smelter or other purchaser in computing the proceeds:

  • 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);

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

  • Royalty Product means, either (a) an Alnylam Royalty Product, or (b) an Inex Royalty Product.

  • Generation Interconnection Feasibility Study means a study conducted by the Transmission Provider (in coordination with the affected Transmission Owner(s)) in accordance with Tariff, Part IV, section 36.

  • Feasibility Study means the evaluation and analysis of the potential of a project, which aims at supporting the process of decision-making by objectively and rationally uncovering its strengths and weaknesses, opportunities and threats, as well as identifying the resources required to carry it through and ultimately its prospects for success;

  • 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.

  • Firm Transmission Feasibility Study means a study conducted by the Transmission Provider in accordance with Tariff, Part II, section 19.3 and Tariff, Part III, section 32.3.

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

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

  • Sublicense Revenue means [***].

  • Research Plan shall have the meaning set forth in Section 2.1.

  • Royalty owner means any owner of oil and gas in place, or oil and gas rights, to the extent that the owner is not an operator as defined in subsection (17) of this section;

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

  • Sublicense Revenues means [***].