Mutual Interest Lands definition
Examples of Mutual Interest Lands in a sentence
If the consideration for the acquisition of Mutual Interest Lands is the drilling of a well or the conduct of certain operations, a Party that elects to acquire a portion of the acquiring Party's interest or rights in that acquisition will be required to assume a corresponding share of the cost, risk and expense of the applicable operations.
The deemed Initial Contribution of each of the Parties in each separate and distinct exploration project located within the Area of Mutual Interest Lands shall be $500,000 and on the date a separate mining joint venture is formed with respect to any of such lands, the USE Parties shall be liable to reimburse UPC for one half of any expenditure made in exploring and developing such lands above the amount of $500,000 required to be spent by UPC.
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.
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 ▇▇▇▇▇.
If the Mutual Interest Lands acquired by the acquiring Party are not acquired at a Crown sale and are acquired subject to an overriding royalty, production payment or other charge of a similar nature, the acquiring Party must disclose that encumbrance in the notice of acquisition that it gives to the other Parties under this Article.