Mineral Acre definition

Mineral Acre means the full fee oil and gas ownership interest in one acre of land, so that, for example, a person may own one Mineral Acre either by owning a 100% fee oil and gas interest in a single acre of land or by owning an undivided 25% fee oil and gas interest in four acres of land.
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Examples of Mineral Acre in a sentence

  • If at any time after the Primary Term, there is a well drilled on the Leased Premises or lands pooled or unitized with the Leased Premises, but production from that well is shut-in for any reason, and the Lease is not otherwise being maintained, then Lessee shall pay to Lessor as a shut-in royalty the sum of Fifty Dollars ($50.00) per Net Mineral Acre of the Leased Premises owned by Lessor per year until such time as production is re-established (or Lessee surrenders the Lease).

  • Within ten (10) calendar days after ▇▇▇▇▇▇ receives a copy of this Lease executed by ▇▇▇▇▇▇, and in direct exchange for the said executed ▇▇▇▇▇, the Lessee agrees to pay as advanced delay rentals / a bonus, in proportion to Lessor’s percentage of ownership of the oil and gas estate, the sum of Dollars ($ ) per Net Mineral Acre (as defined below) of the Leased Premises (for a total of $ ) (the “Bonus”).

  • For the purpose of the multiplication to be performed in the above calculations, partial Net Mineral Acres shall be expressed as the decimal percentage of a full Net Mineral Acre they represent.

  • If the Asserted Defect is a Defect described in Section 7.2(b), a downward adjustment equal to Six Thousand One Hundred Dollars ($6,100.00) per Net Leased Mineral Acre subject to such Defect.

  • As used herein the term "Net Mineral Acre" ---------------- means the total number of acres covered by any Lease times the percentage interest of the fee mineral estate owned in such acres by the lessor or lessors under such Lease, times the working interest owned by Infinity (or which Infinity has the right to assign).

  • The Purchase Price is calculated based on the initial assumption that the Leases cover 31,808.69 Net Leased Mineral Acres at a price of SIX THOUSAND ONE HUNDRED DOLLARS ($6,100.00) per Net Leased Mineral Acre.

  • Within ten (10) days after Buyer receives such written notice, Buyer shall pay Seller the full amount of said remaining balance due ($3,000 per Net Mineral Acre, proportionately reduced).

  • However, for the purpose of calculating the return of the Purchase Price to Buyer in the event of a failure of title to the Asset(s), or the loss of any of the Leases due to a failure of title (defined below in Article 7.01), the value of each Mineral Acre is proportionately reduced to the interest to be assigned to Buyer, being One Hundred Thirty- seven and 50/00 Dollars ($137.50), it being the intent hereof that the Buyer would receive actual costs paid for said Leases.

  • Buyer shall pay to Seller a bonus of $3,000 per Net Mineral Acre.

  • The Parties agree that HESS shall pay to ZAZA an amount equal to ten percent (10%) of the Cash Bonus paid per Net Mineral Acre on a Prospect Area, within thirty (30) days upon receipt of written notification from ZAZA that funding out of the fund to be maintained pursuant to Section 3.3 has occurred for each lease purchased in accordance with Section 3.2 below.