Field Price definition

Field Price shall have the meaning set forth in Section 4.14.

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Field Price means with respect to Oil the price per Barrel of Oil for each Month that is determined in accordance with Schedule 2.

Field Price of Oil for each Month means the final settlement price per Barrel on the date of expiry of the applicable West Texas Intermediate Crude Oil Futures Contract for Cushing, Oklahoma Delivery traded on the New York Mercantile Exchange for such Month. For example, the Field Price for the Month of September 2014 will be the final settlement price on August 21, 2014 of the contract that expires on August 30, 2014

Examples of Field Price in a sentence

The purchase price paid for each Barrel of Seller’s Oil purchased during each Month under the Contract shall be 97% of the following: (i) the Weighted Average Specified Oil Price for such Month multiplied times the Specified Oil Ratio plus (ii) the Weighted Average Field Price for such Month multiplied times the Variable Oil Ratio for such Month.
On or before the Monthly Settlement Date for each Month, Working Interest Owner will pay to Royalty Owner, by wire transfer of immediately available funds, a sum equal to the product of the quantity of Production Payment Hydrocarbons tendered or delivered to Working Interest Owner during such Month (measured in MMBtus or Barrels) times the applicable Field Price for such Month.
All Additional Hydrocarbons must be produced by Working Interest Owner from the Subject Interests and will be valued at the applicable Field Price.
The Shipper or the designate of the Shipper may be present at such metering.
The Field Price for Seller’s Oil produced each Month from each Field will be the average of ▇▇▇▇ Oil Company’s daily posted prices for the Month for production from such Field of like kind, quality and area, with applicable adjustments for gravity and transportation.
Renter will be credited for fuel purchased up to Moses Aviation Services, LLC’s current retail price per gal (KUVA Field Price).

More Definitions of Field Price

Field Price means with respect to Gas the price per MMBtu of Gas for each Month that is determined in accordance with Schedule 2 and means with respect to Oil the price per Barrel of Oil for each Month that is determined in accordance with Schedule 3.

Field Price of Gas for each Month means the final settlement price per MMBtu on the date of expiry of the Natural Gas Futures Contract for ▇▇▇▇▇ Hub Delivery traded on the New York Mercantile Exchange for such Month. For example, the Field Price for the Month of February 2012 will be the final settlement price on January 27, 2012 of the contract that expires on January 27, 2012.

Field Price. The Field Price for Seller’s Oil produced each Month from each Field will be the average of ▇▇▇▇ Oil Company’s daily posted prices for the Month for production from such Field of like kind, quality and area, with applicable adjustments for gravity and transportation. In the event ▇▇▇▇ Oil Company postings are not available, then another purchasing company’s posting will be chosen by mutual agreement between the Buyer and Seller.

Field Price of Oil for each Month means the final settlement price per Barrel on the date of expiry of the applicable West Texas Intermediate Crude Oil Futures Contract for Cushing, Oklahoma Delivery traded on the New York Mercantile Exchange for such Month. For example, the Field Price for the Month of February 2012 will be the final settlement price on January 20, 2012 of the contract that expires on January 20, 2012.