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.